New Delhi: The government has reduced charges for digital trade transaction and ATM cash withdrawals to promote digital financial transactions at the time of COVID-19 pandemic.
As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, who withdraw cash from any bank ATM, can do it free of charge for the next three months.
"...so you may have a debit card from a bank, a particular bank, but you will now be allowed, without additional charges, to draw cash from any other bank's ATM for the next three months," the Finance Minister said.
Also, the minimum balance requirement fee has also been withdrawn meaning that an account holder would be permitted to bring down balances to almost zero without banks charging fee for that. At the moment this will apply for three months, the Minister informed. It will be applicable for all banks.
For the trading community, bank charges will be reduced for digital trade transactions for all trade finance consumers.