Kuala lumpur: The RM1 fee waiver for interbank cash withdrawals at automated teller machines (ATMs) and Smart Recycler Machines (SRMs), effective July 1, is expected to help ease the financial burden on the public, said Finance Minister II Senator Datuk Seri Amir Hamzah Azizan. According to BERNAMA News Agency, the initiative is a collaboration between the Finance Ministry (MOF) and banks in Malaysia after identifying a shortage of ATM networks in certain areas, particularly in rural and remote locations. Amir Hamzah explained, "If someone lives in a remote area where there is only one ATM belonging to a single bank, they have to pay the fee to withdraw cash from an account with another bank." He further added that since banks have the capacity to absorb the cost within their systems, they were encouraged to abolish the RM1 fee. This announcement was made after launching Pengurusan Aset Air Bhd's (PAAB) Sustainable Islamic Finance Framework. Starting July 1, customers of all banks in Malaysia will no longe r be charged the RM1 for interbank cash withdrawals at any ATM or SRM nationwide. In a joint statement, the Association of Banks in Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia, and the Association of Development Finance Institutions of Malaysia stated that the waiver will allow Malaysian debit cardholders to access more than 14,000 ATMs and SRMs nationwide regardless of which bank issued their debit cards.