The new directions issued by the Reserve Bank of India (RBI), raising interchange fee on ATM transactions, along with making the bulk clearing facility available round the clock, came into effect from Sunday.
On June 10, the RBI had raised the interchange fee on financial transactions from Rs 15 to Rs 17, while that for non-financial transactions was revised from Rs 5 to Rs 6.
The interchange fee is paid by the bank that has issued a card, to the bank where the cardholder uses the card to withdraw cash.
Another rule which became effective starting Sunday is the availability of the National Automated Clearing House (NACH) on all days of the week.
On June 4, RBI governor Shaktikanta Das also laid out certain additional measures to mitigate the impact of the second wave of the Covid-19 pandemic.
Making NACH available throughout the week was among the mitigating measures announced by the central bank.
Earlier, customers could avail this facility only on bank working days, from Monday to Friday.
NACH is a bulk payment system operated by the National Payments Corporation of India (NPCI).
It helps facilitate credit transfers such as payment of dividend, interest, salary and pension. Payments pertaining to electricity, gas, telephone, water, loans, mutual funds investments and insurance premium, too, are facilitated by this service.