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.
179 million debit cards were issued during December 2016 to June 2018. A mere 2,000 ATMs were opened in the same period.
The number of cyber crimes in India could touch 3,00,000 in 2015
It's always been a struggle for economists and statisticians to forecast India's gross domestic product (GDP) correctly, and say where the economy is headed before the official numbers come out. If estimating the GDP is tough, forecasting it in real time is complicated. It involves looking at tens of indicators, such as industrial production, electricity consumption and exports, to arrive at a number.
'The Abdullah family is the problem and facilitator of the instability that we are seeing in Kashmir.'
The new requirements include a shift to cassette swap system, mandate armed guards while transferring money as well as a host of other measures that would require huge investments.
Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month. Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well.
A reader shares a bad experience he had at an ATM. You can share yours too!
More people are now comfortable using their debit cards.
In the first phase, ATMs would be installed in popular trains and later on depending upon the success of the facility it would be extended to other trains. Beside ATMs in trains and platforms, railways are planning to install about 6,000 automatic ticket vending machines across the country, beginning with Mumbai and Bangalore.
'The absence of cyber security framework for ATMs is like a dream come true for hackers.'
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.
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.
About 70 per cent of ATMs in India are running on outdated operating systems, which makes it easier for fraudsters to crack them
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
The facility has been branded 'Indicash'. Last month, TCPS secured a licence from the Reserve Bank of India to launch white-label ATM operations, under the central bank's scheme 'B'.
Around 2,500 engineers and 45,000 cash management employees step up efforts to complete the target of recalibrating 12,500 ATMs every day.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
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.
Kamal Sajwan from New Delhi tells us how an debited amount from his account got credited back.
Mumbai resident Sumesh Pillai tells us how he panicked when the ATM didn't dispense cash and what happened later.
Indian Grandmaster Arjun Erigaisi was stunned by Nikolas Theodorou of Greece in the second round of Sharjah Masters chess tournament in Sharjah.
Akhil Goel tells us how he lost a huge sum of money without even initiating any withdrawal transaction.
With about 2,000 qualified engineers to service ATMs across the country, it is an uphill task to modify 220,000 machines.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
Annoyed people in queues in front of ATMs and banks said chasing their own money has now become a new way of life
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.
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.
For withdrawals through cheque, the weekly cap has been hiked to Rs 24,000 from Rs 20,000
About 200,000 ATMs can dispense the new series of Rs 500 notes
A reader shares his unfortunate experience at an ATM.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
Take the Rediff Business Quiz and find out how much you know about the world of Automated Teller Machines.
'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.'
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.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank 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.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances