Banks Start Charging Fare for Inter-Bank ATM Service

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Banks Start Charging Fare for Inter-Bank ATM Service

January 15: Banks have started charging fare for inter-bank ATM transaction effective from Thursday (January 14). The banks had been providing free service for inter-bank ATM transaction to facilitate the customers during lockdown and post-lockdown period following the directive of Nepal Rastra Bank (NRB). The central bank had recently fixed a new rate for inter-bank ATM transaction starting from January 14.

Issuing a circular on January 7, the Payments Department of NRB said that ATM users can withdraw money from any bank for free two times a month. After that, the ATM users will have to incur Rs 20 per transaction for inter-bank ATM service.

The central bank made such arrangement after amending its Integrated Directive on Payments System 2077.

Prior to this, the central bank in its monetary policy had made arrangement for free inter-bank ATM service as long as the effects of Covid-19 were prevalent.

However, banks had announced to charge fare for inter-bank ATM service from the start of the current fiscal year arguing that transportation and other sectors had already opened by that time. But the central bank again issued a directive to the banks to provide free service for inter-bank ATM transaction.

Bankers were complaining that they have to bear massive loss if they are to provide the free service for an indefinite period of time. Considering the request of the banks, the central bank issued the new directive which allows free service for two times a month.

 

 

 

 

 

 

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