The Data of country’s largest bank State Bank of India stated that a large number of its employee use other bank’s ATM for making transactions. Nearly 280,000 card swipes are made in other bank’s ATM. Every card swiped at other banks’ ATM makes that branch richer by Rs 15. As result of which this is bringing down the profit of the bank by Rs 5 crore per year. Bank has asked the employee to use their own bank’s ATM to carry out the transaction, this will help the bank to have stronger relationship with employees.
Further it has been reported that bank will go slow on hiring of employees as well, because bank has notice an upsurge of 35% in the expenses of the staff within a couple of years. State bank of India is the country’s largest with the largest network spread all across the country.
At present the first five transactions in the non- parent bank are free of cost, and the parent bank has to pay the cost . This would mean that each bank would have to foot the bill for these transactions. It has been reported that ATM interchange fees also increased to Rs 273 crore, a 29 per cent increase, at the end of December last year.