...........G S Sandhu, secretary in the Department of Financial Services, justified the move on the grounds that banks had to recover the huge costs they were incurring. "ATMs cost money...banks have been incurring heavy expenditure on ATMs. They have been subsidising that. The move is aimed at curtailing the subsidy. So, five transactions are allowed free of charge and beyond that, there will be some charge," Sandhu said on the sidelines of an annual general meeting of the Indian Banks' Association...........
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