IOB welcomes RBI suggestion on free ATM use

Tiruchirapalli, Dec 28: (Indian Overseas Bank (IOB) Chairman and Managing Director S A Bhat today welcomed the Reserve Bank of India (RBI) suggestion to make cash withdrawals from any bank ATMs free of cost from April one, 2009.

Talking to newspersons here, he said the RBI's suggestion, if implemented, would not have any major impact on the bank's revenue. He said the IOB had 350 ATMs and under cashtree arrangement its customers had access to over 6000 ATMs. Under another agreement with State bank of India (SBI), the IOB customers had access to about 8,000 SBI ATMs, he said.

He said the bank maintained a year-over-year growth rate of 23 to 24 per cent.

UNI