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January 29, 2014

Private banks in India may waive charges for ATM use

Private sector banks in India are, reportedly, planning not to charge customers for using cards of other banks at their ATMs.

By Verdict Staff

Private sector banks in India are, reportedly, planning not to charge customers for using cards of other banks at their ATMs.

The move by banks comes few weeks after HDFC Bank, a private lender in the country, reported plans not to charge customers for using own ATMs.

On the other hand, most of the public sector banks are considering charging customers for using their ATMs more than five times a month for transactions done from other bank cards as well as their own bank cards.

An undisclosed private sector bank CEO was quoted by Business Standard as saying that there are some dissenting voices with respect to increasing charges for ATM usage and that the bankers will have to consider that before taking a final decision.

IndusInd Bank, a private sector lender, CEO and managing director, Romesh Sobti, told the news daily that for their own customers, they are very clear that they will not charge them.

"I encourage customers to use my ATMs because if you transact with me, you are also keeping your money with us…My target is to grow our savings deposits and ATM is a channel to get these accounts," Sobti added.

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