As many as 140 million customers of HDFC Bank and Axis Bank are expected to face interruption in banking services in the weekend due to the former's system upgrade and the transition of Citi India business to the latter. Both the banks have notified their customers about the interruption in services. HDFC Bank - the country's largest private sector lender with 93.2 million customers - had announced that it will undertake a system upgrade on July 13, wherein it will migrate its core banking system (CBS) to a new engineered platform to enhance customer experience.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
Bengaluru resident Krishnan H tells us about a State Bank of India ATM counter where most of the machines are dysfunctional.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
Take the Rediff Business Quiz and find out how much you know about the world of Automated Teller Machines.
A reader shares his unfortunate experience at an ATM.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
About 200,000 ATMs can dispense the new series of Rs 500 notes
ATM deployment is set to gain scale with the Anil Ambani group's Reliance Capital and a few technology firms joining hands with partner banks to launch co-branded (known as partial white-label) ATMs.
RBI has imposed a withdrawal limit of Rs. 10,000 per transaction at the third-party ATM as well as limited such transactions to 5 per month.
It is likely he will rope in an international ATM manufacturer as a strategic partner with equity stake.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
It is suspected that the electronic device at the ATM counter enabled the fraudsters to collect the secret pin code and card details.
The 35-year-old Gabrial, one among four Romanians accused in the robbery in which a large number of persons lost their money from their accounts, was taken into custody on transit remand from a court in Mumbai.
Here's how Ganesh Pillai got his card back from the ATM machine.
'Oh, this is printed material which is sent to everyone along with the ATM card,' the bank manager told me. 'It won't work because the system has changed.' A Ganesh Nadar encounters the Indian banking system.
Rediff reader Shan Anbu, 42, tells us how his card got stuck in the ATM due to lack of backup power facility.
'The Abdullah family is the problem and facilitator of the instability that we are seeing in Kashmir.'
Bank account holders are no longer required to visit their bank branches to update 'know your customer' (KYC) details provided they have already submitted valid documents and not changed their address, the RBI has said. Instead, if there is no change in KYC information, they can submit a self-declaration through email-id, registered mobile number, ATMs, or any other digital channels. Following up on Reserve Bank Governor Shaktikanta Das stating that banks should not insist on branch visits for KYC updation, the central bank on Thursday issued guidelines for the same.
In a pioneering move, Amul has launched India's first milk ATM.
Laxman Maake, 47, tells us why he is disappointed with the ATM that he often goes to.
The accused had obtained mobile phone SIM cards in fake names and used to take betting amounts from people through QR codes, the official said.
Isha was the custodian of the cash at the time it was being placed in the ATM.
A representative of the Confederation of ATM Industry said ATM players were not consulted about the move and they received the news via media platforms.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
Did the transaction fail? Did you receive your money on time?
The average, fixed cost of setting up an ATM is estimated at Rs 600,000-800,000. There are about 30,000 ATMs in India. The RBI norms will enable small banks to benefit from low-cost, switch-enabled ATM services without opting for expensive bilateral tie-ups.
So what if your bank has imposed/will impose a transaction fee of Rs 20 for using ATMs after your fifth visit in a month? You can still remain within your free transaction limits and avoid being charged at all. Wondering how it is to be done? Read on.
Take a break and rest your tired heels in a dysfunctional ATM.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
India is an under-penetrated ATM market with only 98 ATMs for every 10 lakh of population.
Readers share their bitter-sweet experiences at the ATM.
Many sections of the society including small traders, restaurant owners, transporters started feeling the heat as the dependence on cash is very high
50-year-old Singh is believed to have been visiting his parents in Delhi and was expected to return to Mumbai. However, the actor has not been heard from since April 22.
We may turn our noses up at those who do it but that doesn't mean we haven't done one (or all) of these things at an ATM.
Sources at the bank told Business Standard that talks were on with 2-3 vendors and the final decision is expected in the next 2-3 weeks.
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