ATM Cash Withdrawals Could Cost More Soon; Check New Update
The impact of rising fuel prices is now spreading beyond petrol pumps. After a sharp jump in petrol and diesel rates this month, ATM cash withdrawals could also become more expensive in the coming days.
Fuel prices have reportedly increased four times this month, pushing retail rates up by more than Rs 7 per litre. This has added pressure on industries that depend heavily on transportation, including companies responsible for delivering cash to ATMs.
Cash Delivery Firms Seek Higher Charges
The Currency Cycle Association (CCA), which represents cash logistics and ATM cash management firms, has approached the Indian Banks’ Association (IBA) to revise the fees paid by banks for ATM operations.
According to the association, rising fuel prices and increasing employee wages have raised operational costs by nearly 20 percent. If banks approve the revised fee structure, customers may eventually face higher ATM withdrawal charges .
Fuel and Wages Raising Operational Costs
Cash logistics companies say the biggest burden comes from higher transportation expenses. Vehicles used to refill ATMs now cost significantly more to operate due to expensive fuel.
Fuel prices have reportedly increased four times this month, pushing retail rates up by more than Rs 7 per litre. This has added pressure on industries that depend heavily on transportation, including companies responsible for delivering cash to ATMs.
Cash Delivery Firms Seek Higher Charges
The Currency Cycle Association (CCA), which represents cash logistics and ATM cash management firms, has approached the Indian Banks’ Association (IBA) to revise the fees paid by banks for ATM operations.According to the association, rising fuel prices and increasing employee wages have raised operational costs by nearly 20 percent. If banks approve the revised fee structure, customers may eventually face higher ATM withdrawal charges .
Fuel and Wages Raising Operational Costs
Cash logistics companies say the biggest burden comes from higher transportation expenses. Vehicles used to refill ATMs now cost significantly more to operate due to expensive fuel.Next Story