Atm fees

In India as per reserve bank of India (similar to federal reserve bank in us)All ATM transactions from all the banking institutions will be free starting April 1 2009.This is to increase use of atm's and improve transparency and efficiency of the banking system.It is important to note that it is much cheaper for banks to process electronic transactions than paper transactions.Why do they charge extra for it .Answer is because they can .Regulators should ask extra service from banks for saving them from live their fatal blunders.
While at it a law should be passed where no interest can be charged more than 6% above the treasury note rate. It is criminal that they can charge 25% above that and compound it daily and have a late charge of $30.
It is time for the reform of banking institution.Bring honesty to the banking profession .Remove the gimmickry.State should subsidise banking for the poor so that they may benefit from it.Making whole society to be part of the system is in national interest .we need to make people main street citizens .We do not need more prisons .better educated citizenry is best economical development tool we can create.