The Reserve Bank of India (RBI) has hit the middle class once again with the ATM fee hike. They have now approved new proposed charges, which will come into effect from May 1, 2025.
As per official notification, withdrawing cash from an ATM, after the monthly free limit, will cost you ₹19, up from the earlier charge of ₹17. Not just that, even enquiring about your balance at an ATM has become expensive at ₹7 instead of ₹6.
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Banks claim rising operational costs are the reason. They cite that ATMs are struggling in India due to the digital revolution and the introduction of UPI.
But the people are not pleased at all. Despite these charges being levied in the name of “operational costs” many ATMs remain faulty and undermanaged.
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Netizens rightfully ask what compensation would a customer receive if the ATM is out of service or cash. But at that time there will be no one to hold the banks responsible.
Moreover, while the fee is hiked, the limit of cash withdrawal remains the same. At most you can grab ₹10,000 cash per withdrawal, making sure you have to take multiple trips to the ATM.
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While digital transactions are booming in India, local businesses and the middle class still rely on cash for their daily expenses. Even small bank customers who rely on bigger banks for ATMs will take a major blow from this but all those issues are seemingly ignored.
