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.
Most bank customers in Delhi feel that ATMs are a more secure self-service banking channel than Net and phone banking.
State Bank of India, the country's largest lender, is on an outsourcing overdrive. After outsourcing the back-office work in foreign offices, the bank has now decided to rope in external agencies to set up automated teller machines to save on capital expenditure and reduce the rollout time. It plans to initially outsource 500 ATMs to vendors, including original equipment manufacturers.
Integrated financial self-service systems provider Diebold announced on Thursday plans to make India a key manufacturing operation base for South Asia.\n\n\n\n
It is important that children start their financial education at the earliest.
The survey also revealed that 95 per cent of the respondents use ATMs as a cash dispenser.
The transition to UPI-based ATMs will be gradual, and consumers will not immediately switch to using standalone UPI ATMs overnight.
HDFC Bank will soon open 300 more ATMs in the country and it has placed an order with leading global technology firm NCR.
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.
Take the Rediff Business Quiz and find out how much you know about the world of Automated Teller Machines.
The only thing that's clear is the October 15 deadline for the end of free third-party ATM use.
D-Link India Ltd's subsidiary Lanner Electronics India Ltd has entered into a joint venture with Mercuries Data Systems Ltd of Taiwan to manufacture and sell a range of automated teller machines in India.
Filling of Rs 100 and Rs 200 notes result in faster depletion and more frequent cash replenishment. This will cost banks and managed service providers more.
The bank's net profit fell to 2,232 crore for its fiscal first quarter to June 30.
The Reserve Bank of India's directive on Wednesday came on its prior advice to banks in 2009 to make bank branches and ATMs accessible to people with disabilities and make at least one-third of the new ATMs installed as talking ATMs with Braille keypads.
The insurance brokerage had experience of settling claims in Jammu and Kashmir and Visakhapatnam in Andhra Pradesh during natural catastrophes earlier this year.
DoP has 25,000 departmental post offices and 1,30,000 rural post offices across the country.
RBI said its policy focus had been to encourage banks to leverage on this channel.
The interchange fee -- paid by the card-issuing bank when a customer swipes at another bank's ATM, including at white-label ATMs -- may be raised to Rs 20 to Rs 23.
WLA operators will have an option to provide facilities for Dynamic Currency Conversion for international cards.
A Reserve Bank panel has decided against the inclusion of any other national leader's image on banknotes saying that no other personality could better represent the ethos of India than Mahatma Gandhi.
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.
SBI to introduce OTP-based ATM transactions and the new feature will not require any major change in the present process to withdraw cash.
The Finance Minister said government's target was not villages only but cover every household of every village under the PMJDY.
SBI introduced this products three months after the Reserve Bank issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as automated teller machines and cheque books.
Withdrawals from basic savings bank deposit accounts are capped at four a month, including withdrawals via ATMs.
They had also sought to be allowed to charge consumers for use of own-bank ATMs.
The RBI also allowed banks to levy ATM charges beyond 5 transactions for the same bank's account holders.
India Post may be keen to apply for payment bank licence.
The bank has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a card even less.
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.
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