The requirement of one million units would entail a huge market for firms such as HCL Infosystems, Geodesic, VeriFone, Visiontek and others manufacturing micro-ATMs.
However, the proposed model, the white-label ATM model would allow non-banking companies to set up and run their own ATMs, under a pact with a sponsor bank and a network provider.
Providing the much-needed relief to the common man, banks have been asked by the regulator not to charge any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1. However, banks can still charge extra for services such as cash withdrawal with the use of credit cards and at ATMs located outside India.
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 2,500 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100
The Reserve Bank of India (RBI) has suggested that customers of one bank be allowed free use of ATMs of other banks, including for cash withdrawal, from April 1, 2009. The RBI move has made banks with large ATM networks cry foul.
In what is the largest ATM outsourcing deal in the country, Axis Bank has entered into an agreement with two third-party service providers to increase its ATM count to more than 9,000 within the next 18 months.
Readers share their good and bad ATM experiences.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
At present, there is no cap on free transactions at own-bank ATMs, while customers can use other banks' machines up to five times a month without any extra cost.
RBI said its policy focus had been to encourage banks to leverage on this channel.
The vertical will be based out of Bengaluru.
Come to Gujarat's Anand town, the cradle of India's White Revolution. In a first of its kind, the Amul Dairy recently began trials for milk cards on its newly-installed milk vending machine in Anand. Now you can keep one more plastic card in your wallet and buy milk at any ATMs installed by the Amul Dairy.
The bank intends to roll out mobile biometric-access ATMs at Kakinada, Visakhapatnam and Tirupati during this financial year, with plans to launch 20 such ATMs across the country by 2010.
The Hyderabad police has released images of woman who was robbed at an ATM centre in Hyderabad's Yosufguda area.
After private banks - HDFC Bank and Axis bank - decided to charge own customers for more than five transactions at their ATMs, public sector lender Union Bank of India has also joined the bandwagon.
By the end of March 2022, only 2,140 million pieces of Rs 2,000 denomination currency notes were in circulation, or 13.8 per cent of the total value of notes.
A caretaker-cum-security guard of a State Bank of India ATM centre in Bhayander, a township in Thane district adjacent to Mumbai, on Friday night looted Rs 23 lakh cash after locking up a mechanic in a room.
Hackers broke into two card processing companies, raising the balances and withdrawal limits on accounts that were then exploited in coordinated ATM withdrawals around the world.
Forget the never-ending forms and the paperwork, be ready to pay your taxes at your nearest ATM
Fund transfer through Facebook is meant for tech-savvy customers.
After launching the ATM service at Thiyagaraya Nagar Head Post Office, Chidambaram said that Rs 4,909 crore had been allocated for the IT modernisation of Department of Posts in the interim budget for 2014-15.
Plans joint venture with private ATM service providers.
As Microsoft ends support for its Windows XP next month, the software giant said a number of ATMs are yet to upgraded and such cash vending machine may face security risk.
After having identified the man who allegedly attacked a bank official at an ATM in Bangalore last month, the police say that his records indicate that he was a history-sheeter who murdered his wife in 2008. The man identified as Narayan Reddy has been absconding ever since he got bail in the murder case.
The Reserve Bank of India has said that banks are 'cornering' customer surplus by charging high fees on inter-bank ATM transactions in the name of recovering technology costs.
In a big relief to people and small businesses, the Reserve Bank of India on Monday announced lifting of restrictions on daily withdrawal of money from ATMs and from current accounts but the weekly limit of Rs 24,000 on savings bank accounts will continue.
HDFC Bank will soon open 300 more ATMs in the country and it has placed an order with leading global technology firm NCR.
'As citizens of this country, we often expect sweeping changes here, but find the smallest of abdications that we may ourselves be called upon to make far too inconveniencing.' 'Think about it deeply -- about the move and the reactions it has gathered -- and we will actually learn a lot about ourselves,' says Sreehari Nair.
Yes Bank and Ola launched a mobile ATM service where customers of any bank can withdraw up to Rs 2,000 per card from PoS terminals
After setting up the first railway call centre in Bangalore to improve railway-passengers interface, the South Western Railways is planning to introduce other customer-friendly services like providing tickets through ATMs.
Rediff.com's A Ganesh Nadar takes a tour of banks in a Chennai suburb and finds that nothing has changed in one month since demonetisation.
'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
The Bhagavad Gita reminds us that true peace comes not from the absence of problems, but from the ability to face them with a prepared mind and a steady resolve, says Vatsal Ramaiya, and shows how the Gita helps you to achieve financial peace.
Vatsal Ramaiya draws wisdom from the Bhagvad Gita to explain how to conquer your debts with Lord Krishna's Kritya Nash Technique.
Continuing our series on how to achieve Financial Independence and Retire Rarly (FIRE), Vatsal Ramaiya emphasises the importance of planning for retirement.
Using ATMs to withdraw money or for other purposes like balance enquiry beyond five times in a month will attract a levy of Rs 20 per transaction from November 1.
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