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ATM transactions dip 9% in November

CHENNAI: Higher withdrawals for Diwali coupled with banks limiting free ATM withdrawals led to a drop in the number of ATM transactions across the country. Transactions dropped 9% from 26.8 crore in October 2014 to 24.4 crore in November, data from National Payments Corporation of India (NPCI) showed. The NPCI is an umbrella institution of all retail payments in the country and operates the NFS (national financial switch) of most ATM networks across the country. 

"The RBI directives on limiting ATM transactions, along with higher withdrawals during October-end on account of Diwali, has resulted in lower ATM transactions during November," a senior official from NPCI said. Beginning November, banks imposed restrictions on ATM usage in metros (Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad) to five free transactions a month on own bank network or three on other ATM networks. Beyond this, banks are free to charge Rs 20 per transaction. Banks such as SBI, HDFC Bank, Axis Bank have imposed these restrictions while many others have decided not to charge customers for ATM usage. That's not all. NPCI has also reported that there has been a daily dip in ATM transaction volume in November over October to the tune of 6%. The average daily volume of ATM transactions during October was nearly 86 lakh (86,46,164) and this dropped to an average daily volume of around 81 lakh transactions (81,55,718) during November 2014.

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