A senior official of a public-run bank was quoted in The Business Line report saying "Hiring trained guards for three eight-hour shifts, procuring arms licences, installing cameras inside and outside the ATM and connecting alarms to the nearest police station will have huge cost implications for banks".
To decide on the measures to be taken to beef up security at ATMs as well as fee to be charged from customers, banks are currently in discussion with Indian Banks' Association (IBA). In the initial study, banks have estimated a cost of Rs.6 per transaction based on the execution of 200 transactions on an average in each of the ATM kiosks installed across the country.
As the cost turns out to be huge for banks considering the number of transactions undertaken each day at ATMs, banks are mulling over the proposal to transfer this cost on its customers and hoping that the apex institution approves of it.
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