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India: Committee formed to level ATM playing field

 |  January 16, 2014

The National Payment Corporation of India has formed a new committee in hopes to establish a fair playing field in the ATM industry, say reports, with a goal of establishing fee caps for banks to pay rivals when customers use rival ATMs.

The six-member group represents three top credit card issuers – ICICI Bank, HDFC Bank and Alexis Bank, as well as three major ATM network owners. According to a source, the committee is slated to decide its ATM fee policy within a month.

The National Payment Corporation of India’s group was formed following complaints lodged by major banks over the interchange fees charged for rivals banks to use each others’ ATMs.

Full Content: Economic Times of India

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