IDFC Bank thinks having no ATMs, free service at other machines

IDFC Bank formally launching services on October 1st, 2015 with motto “hatke bank” is contemplating a move of not having its own ATMs and making transactions at rivals ATMs free for customers. (MD & CEO – Mr. Vikram Limaye) & (Executive Chairman – Dr. Rajiv B. Lall)

• IDFC Bank customers may be allowed to use existing automated teller machines (ATMs) without any charges.
• Money paid to bank for installing and maintaining the ATMs from third parties works out almost the same as the fees paid to other banks for a transaction
• Generally, a bank pays under Rs 20 to another bank for helping its customer carry out a transaction, but it can be negotiated down
• It is formally launching services on October 1 with 23 branches, out of which 15 will be in rural areas
• Component of rural branches, being called “Bharat Bank” at IDFC

No final decision has been taken on the matter as yet.