Fresh directions from the Reserve Bank of India (RBI) pertaining to making bulk clearing facilities available round the clock and raising interchange fees have come into effect from August 1.
These changes will affect a wide range of financial transactions. It ranges from salary and pension payments, EMIs to ATM withdrawals.
RBI had raised the interchange fees for financial transactions in June. This aimed to help banks meet the costs of ATM deployment and maintenance.
The new rates were increased to Rs 17 from Rs 15. But the interchange fee for non-financial transactions will now be Rs 6 instead of Rs 5.
The last change in interchange fees had taken place in August 2012. Under the new rules, customers can conduct five free transactions. These include both financial and non-financial, from ATMs of their banks.
However, in other banks, they will be allowed to make three transactions for free in metro centres and five transactions without charges in non-metro centres.
RBI says that lenders will be allowed to increase customer charges to Rs 21 per transaction. This will compensate the banks for the higher interchange fee and given the general escalation in costs, from January 1, 2022.
Moreover, new RBI rules related to the National Automated Clearing House (NACH) have also come into effect from today.
“In order to further enhance customer convenience, and to leverage the 24×7 availability of real-time gross settlement (RTGS), NACH which is currently available on bank working days, is proposed to be made available on all days of the week effective from August 1, 2021,” RBI Governor Shaktikanta Das said.