Discussion
From which date have all banks started sharing their ATM force of cost for transactions?
Answer: B
Correct answer: April 1, 2009
From 1 April 2009 the RBI directed that customers could use any bank's ATM for cash withdrawal without charge, with the cost of the transaction settled between the banks through an interchange fee rather than passed to the customer.
The measure made the ATM network effectively shared: a customer's card worked anywhere, and the acquiring bank was compensated by the issuing bank. Free-use limits at other banks' ATMs were introduced later, but the principle of interchange rather than customer charging dates from this point.
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