In so far as the RBI is concerned, with a view to promoting the electronic payment culture and to make it more user-friendly, the RBI has intervened and mandated reasonability in pricing of transactions effected through ATMs and compulsory use of electronic mode for transactions above a specified threshold.
The service charge levied on banks by the RBI for ECS, EFT / NEFT and RTGS transactions has been waived until March 2009, so that this benefit of reduced costs is passed on to customers, and the right incentive framework is created for the use of electronic retail payment products.