The country’s commercial banks once increased the charges for withdrawing money from ATMs. These charges will be received by banks other than the concerned bank.
According to the details, important news has come for the people who use bank ATMs, commercial banks have increased the charges, once those withdrawing money from ATMs will be charged Rs 23.44. Earlier, Rs 18.50 was deducted. The rest of the banks are also expected to implement the policy in a few weeks.
The commercials include United Bank, Askari, Bank Al Habib, Meezan, Punjab Bank, Telenor Microfinance Bank, and National Bank, which have updated their schedule of charges and withdrawn cash from customers of various banks through their ATMs. Have started charging for withdrawals.
A large portion of these charges is for a 1-Link switch and a small portion is for a bank that owns an ATM and uses it for transactions with customers of other banks.
The country’s major Habib Bank, MCB, and Bank Al-Falah have not yet updated their schedule of charges. These banks have increased their charges by Rs 18.50 to Rs 18.75.
To generate revenue, the government imposed an additional 10% super tax on commercial banks. On the other hand, the cost of operation is constantly rising, mainly due to electricity and transport charges. Banks are trying to cover their expenses through these charges . In Pakistan, 35 commercial and microfinance banks operate about 17,000 ATMs, earning Rs 2.4 trillion through ATMs from January to March 2022.