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Steering group set up to address ATM charges in India

January 3, 2006

Business Standard:The National Financial Switch, sponsored by the Reserve Bank of India, has set up a steering group to decide on a uniform per-usage ATM transaction charge. The decision, subject to the approval of the Central bank, was made after ICICI Bank threatened to withdraw from the network because of NFS's decision to reduce charges customers paid for foreign ATM use. ICICI Bank is currently the only bank with a large ATM network participating in the NFS.

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(Read also India's National Financial Switch faces hard times.)