Regulatory Alerts2014-02-25 | General Direction No. 01/2014General Direction No. 01 of 2014 – Fees Chargeable on Transactions via Common ATM Switch
The Monetary Board of the Central Bank of Sri Lanka issued General Direction No. 01 of 2014 to replace previous regulations and establish fee limits for transactions processed through the Common ATM Switch. The directive mandates that card issuers charge customers no more than Rs. 30.00 for withdrawals and Rs. 7.50 for balance inquiries at other banks' ATMs. Additionally, it caps the interchange fees that financial acquirers can charge card issuers at Rs. 35.00 per withdrawal and Rs. 10.00 per balance inquiry.
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General Direction No. 01 of 2014 – Fees Chargeable on the Transactions effected through the Common ATM Switch
Payment and Settlement Systems Act No. 28 of 2005
General direction made by the Monetary Board of the Central Bank of Sri Lanka under section 44 of the Payment and Settlement Systems Act No. 28 of 2005.
[Signature]
Nivard Ajith Leslie Cabraal Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka
Colombo 25 February 2014
General Direction on Fees Chargeable on the Transactions effected through the Common ATM Switch
This direction may be cited as the General Direction No. 01 of 2014 on Fees Chargeable on the Transactions effected through the Common ATM Switch (CAS) and shall replace the General Direction No. 02 of 2013 on Fees Chargeable on the Transactions effected through the Common ATM Switch. This Direction shall apply to the members of CAS and shall come into operation with effect from 25 February 2014.
- Every member of CAS shall adhere to the following limits in charging fees on the transactions effected through CAS.
2.1 Fees to be charged from the customer by the card issuer:
2.1.1 The fees to be charged by the card issuer from the customer when using another bank’s ATM for withdrawal of funds shall not exceed Rs. 30.00 (including taxes) per withdrawal.
2.1.2 The fees to be charged by the card issuer from the customer when executing a balance inquiry from another bank’s ATM shall not exceed Rs. 7.50 (including taxes).
2.2 Interchange fees to be charged from the card issuer by the financial acquirer:
2.2.1 The interchange fee to be charged by the financial acquirer from the card issuer for withdrawal of funds by a customer of such issuer shall not exceed Rs. 35.00 (including taxes) per withdrawal.
2.2.2 The interchange fee to be charged by the financial acquirer from the card issuer for a balance inquiry by a customer of such issuer shall not exceed Rs. 10.00 (including taxes).