The endless wait to get valid currency notes was also taking a toll on people waiting for hours in long queues as there were reports of many elderly people collapsing out of fatigue.
The banks, however, will have the freedom to fix charges for withdrawal of cash from ATMs through credit cards and from ATMs abroad. The guidelines on free ATM use, which were released by the Reserve Bank of India in March last year, were issued in pursuance of the approach paper on ATM charges brought out by RBI in December 2007. It also included abolishing the fee on cash withdrawal from ATMs from April 1, 2009.
A series of low-intensity bomb blasts on Wednesday targeted ATM machines of a state-run bank and railway tracks in Sindh province of southern Pakistan, injuring at least six people. There were at least 16 blasts in cities and towns across Sindh, including the capital city of Karachi. A policeman was among the six people injured in the blasts.
Nandan Nilekani-led task force on an Aadhaar-enabled unified payment infrastructure has recommended setting up a network of one million interoperable micro-ATMs across the country.
The Reserve Bank on Tuesday allowed banks to open ATMs outside their branches without permission from the central bank.
As of December 2010, the bank's total outlets, including branches, stood at 5,017. Its ATM network stood at 2,516 units.
ICICI Bank has a network of 1,416 branches and over 4,600 automated teller machines across the country, which it manages by itself, while several other banks have outsourced their ATM management and POS (credit and debit card payment accepting) terminals.
A report Tuesday from Gartner Inc., a technology analyst firm, estimates that 3 million US consumers were victims of ATM and debit-card fraud in the past year.
Private banks and start-ups offer instant loans on apps as well as through ATMs.
Banks that own ATMs charge an inter-change fee for providing the facility to the customers of other banks. For larger players such as SBI, ICICI, HDFC and Axis Bank, the shift would mean higher revenues as customers would tend to use the nearest ATM. Smaller banks, which already allow their account holders to access any ATM without having to pay a transaction charge, fear the bigger players, sensing an opportunity, may increase the inter-change fee over the next 6 months.
The move will help curb card frauds. Currently, customers use only personal identification number for automated teller machine transactions.
Bank of India has become the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank.
The banks, however, will have the freedom to fix charges for withdrawal of cash from ATMs through credit cards and from ATMs abroad. The ATM services have become free as the Reserve Bank of India, while issuing guidelines on charges for use of ATMs, has asked the banks to abolish with immediate effect all charges on services such as balance enquiry. It implies that an ATM card holder would be able to withdraw cash from any bank ATM in India from April 1, 2009.
The only thing that's clear is the October 15 deadline for the end of free third-party ATM use.
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
Imagine a tiny automated teller machine (ATM) that could be carried anywhere in your bag. Unusual it may sound, but Gujarat will soon have such small ATMs. In a novel initiative to make rural banking hassle-free, public-sector bank Dena Bank is gearing up to roll out these little ATMs in a couple of rural areas on experimental basis.
Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs.
According to a bank source, a link failure was responsible for all the inconvenience
Second authentication for small value payments through credit cards can be reduced subject to conditions.
As dawn breaks, two queues start forming at the only petrol pump inLakshmangarh, a small town in Rajasthan's Alwar district.
The limit on withdrawal from current accounts has been enhanced to Rs 100,000 per week.
A man who purchased the mobile from the person who attacked a woman at an ATM in Bangalore on Tuesday has been picked up by the police for questioning.
The Bangalore ATM attacker has been identified as one Narayan Reddy, a resident of Nallacheruvu Mandal, Cheruvulavadla village in Andhra Pradesh. However, the police have not been able to nab him yet.
Residents of Mumbai can now buy water from an ATM, that too at an affordable price of Rs 1 per litre.
In the first such incident in Srinagar, unidentified men made away with Rs 14 lakh from an Automatic Teller Machine (ATM) in a high security area after decoding the digital code.
Six nationalised banks, including Canara Bank and Bank of Baroda, on Wednesday signed an agreement with Indian Railways for setting up more than 700 ATMs at railway stations across the country.
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The world's first publicly accessible ATM machine which can exchange digital currency - bitcoins - for any official currency has been launched in Canada by a group of young entrepreneurs.
Large banks across the country might be crying foul on the recent suggestion of the Reserve Bank India (RBI) to do away with the charge on inter-bank ATM usage, but the Kolkata-based banks have largely welcomed the move.
'No cash,no problem,' says Aparna Verma who has survived without cash from the time PM Modi announced the 'note ban'.
ICICI Bank will ensure that all ATMs and branches have enough cash in the wake of 'panic withdrawals' through ATMs by customers in a few cities of Gujarat.
At other bank ATMs, the customers of these banks will be charged beyond three transactions.
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