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India's off-us ATM fees poised for a big jump

June 3, 2014

ATM cardholders in India soon could be in for a significant cut in free off-us transactions — from five per month to two. What's more, they could find themselves paying higher rates for their fee-incurring transactions.

A report by India's Business Standard said that the nation’s banks, along with the National Payments Corporation of India, have asked the Reserve Bank of India for its approval of the proposal, which they say is necessary to keep their ATM networks viable.

Banks’ ATM operating expenses took an unexpected rise recently when state and local governments began to request (or require) additional ATM security measures late in 2013 following a vicious machete attack on a woman using an unguarded ATM.