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Indian banks set conditions for free inter-bank ATM usage

February 19, 2008

The Economic Times: Banks have made counter demands from the Reserve Bank of India (RBI) in respect to its proposal to offer free ATM access. These include being allowed to sell advertising space on ATM screens and allowing white-label ATMs and retail establishments to issue cash from bank accounts.RBI has moved ahead and published a draft circular which restates its intent to allow free access to all ATMs by April 2009. By March 2008, banks that are charging more than Rs 20 for using a third-party ATM will have to bring down their charges to Rs 20. Also, balance inquiry will be available free across all ATMs.

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