MUMBAI: The National Payments Corporation of India (NPCI) has convened a meeting of banks on January 15 to discuss the impact of additional costs on account security to ATM. The industry is polarized over the issue between banks who are net users of other banks' ATMs and banks that make a net earning through their machines.
Most public sector banks are against a hike in charges. This is because on a net basis they end up paying for their customers using ATMs of other banks. Such banks are referred to as net issuers as the cards they have issued exceed the number of ATMs required to service them. Large private sector banks such as Axis Bank, HDFC Bank and ICICI Bank, which have a network of more than 10,000 ATMs each, support a hike in charges as their ATMs' base is used by other banks.
These banks are referred to as net acquirers. SBI group, despite having an ATM network of over 40,000, is a net issuer since it has a debit card holder base of 15.47 crore banks issued across SBI and associate banks.
A revision in charges will affect banks' customers only to the extent they exceed the free usage prescribed by Reserve Bank of India. RBI allows customers free usage of third-party ATMs for up to five transactions subject to total withdrawal of Rs 10,000 per month.
Besides the number of cardholders to every ATM, the status of a bank (whether it is a net acquirer or net issuer) depends on the location of the ATM. Private banks such as Axis Bank and Kotak Bank have deployed their machines at high-footfall areas and some of them see transaction of almost 500 per day. PSU bank ATMs are closer to their branches and the average transactions are much lower.
Sources said that the meeting convened by NPCI includes 14 banks which comprises equally of banks that are net issuers and net acquirers. These banks, which form the steering group on the National Financial Switch, will have to come to an agreement on any revision in transaction charges. NPCI is the convenor because it operates the National Financial Switch - the IT backbone which connects the ATM networks of various banks.
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