SUDDENLY SOMETHING - ATMs!!!

Hi ppl!

I was browsing through Businessline and suddenly this news item struck me! Hope you all are aware of the regulation(that came into effect frm Apr1) by RBI to connect all ATMs(irrespective of the banks) and thus ensure seamless transactions that can be carried out in any of the ATMs by all customers regardless of whichever bank they hold accounts in. Prior to this regulation, a customer was often charged for using an another bank's ATM!

Hey but do you know that banks still have to pay each other, the cost of its customers using the other bank's ATM. Thus, it is as simple as this....
For eg....If you happen to be SBI's customer and you happen to swipe your ATM card in a Canara Bank ATM, then SBI pays a transaction charge to Canara just because you happened to use it! Now what can be expected because of this?
Very logical! Banks will be forced to ramp up their ATM infrastructure (More ATM's... Lesser is the probability of you using an another bank's ATM and thus with it lesser is the need to pay other banks for ATM use!)

Now to the interesting part of this post!
Have you ever wondered what does it cost your bank if you carry out a transaction in an ATM!??According to a study by Indian Bank, a transaction made in an ATM costs the bank Rs.16!And if the same transaction was carried out through the bank's counter, the cost of the transaction almost doubles to Rs.35!

And the reason behind banks pushing for online banking is this fun-da! It costs the bank only a mere Rs.6 for every transaction made online! So, the next time you do some fund transfer online..feel happy that you are actually helping your bank cut the cost of the transaction by almost 85%!

Cheers!

Tailpiece: Interesting facts abt ATMs!!! (Thank you WIKI!)

Worlds First ATM: Barclays bank @ Enfield in 1967!
Major ATM Manufacturers : Diebold, IBM and NCR
World's most northerly installed ATM: Longyearbyen, Svalbard, Norway
The world's most southerly installed ATM: McMurdo Station, Antarctica
ATMs are common in cruise ships n US navy ships!