The committee will review the existing structures and patterns of costs, charges and interchange fees for ATM transactions, the overall patterns of usage of ATMs by cardholders and assess the impact, if any, on charges and interchange fees, assess the entire gamut of costs in respect of the ATM ecosystem
A skimmer is a device designed to look like and replace the card insertion slot at an ATM. The skimmers, which cannot be usually spotted by an untrained eye, have circuitry that read and store the data on the magnetic strip of an ATM card even as the ATM processes the same data.
The Confederation of ATM Industry has said the regulatory changes will make it impossible for ATM service providers to meet the cost of compliance. The ATM industry thinks there is no option but for banks to step in to bear the load.