Prajna Capital - An Investment Guide

Even after accessing their accounts through automated teller machines ( ATMs ) of other banks became free for customers, banks had not worked out a uniform rate that they would charge each other for facilitating such a service. From April 1, customers will no longer be charged for using ATMs of other banks to access their accounts. Until now, banks had been passing on the cost of such a facility to their clients. Lenders entered into bilateral/multilateral agreements or were using National Electronic Fund Transfer ( Neft ), a means of enabling quick interbank fund transfers, so that their clients could avail of such a facility at a cheap cost. A number of bankers, private and state owned, yet not finalised a single rate that they would charge each other if customers were to use ATMs of other banks. So far, banks have not arrived at a uniform rate. Right now different rates are being charged for ATM transactions but eventually they will converge. While lenders such as Kotak Mah...