Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
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.
Indian origin Hindus living in Europe and US are mulling opening overseas chapters of Prayagraj-based 'Ram Naam Bank' in their countries. On the occasion of Ram Navami on Sunday, the idea of opening a Ram Naam Bank was discussed among the devotees in Sweden.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
The Budget for 2016-17 has announced a massive rollout of ATMs and micro-ATMs.
73-year-old dies in Mumbai, 75-year-old in Kerala.
State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
Did the transaction fail? Did you receive your money on time?
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.
Even as RBI allowed banks to charge ATM transactions beyond five in metros, the lenders are yet to restrict the number of free withdrawals for their own customers at home ATMs.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
'There are tall personalities who have utilised Mumbai and Maharashtra for their career growth, but they never thought it is their responsibility to learn Marathi.'
At times, banks violate all banking norms, resulting in a customer's accounts wiped clean through illegal ATM withdrawals.
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
A man who had gone to withdraw money at an ATM in Sangam Vihar in New Delhi allegedly ended up getting four notes of Rs 2,000 with "Children Bank Of India" written on them, police said on Wednesday.
Arundhati Bhattacharya, chairman of country's largest lender State Bank of India said demonetisation of high value notes won't be a problem as the bank has done it before.
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.
Most banks complain that without adequate user fees, ATMs are a loss-making business for them
Delays in returning money for disputed transactions have also come under RBI's scanner.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
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.
SBI has announced an investment of Rs 7,250 crore in Yes Bank through the acquisition of 725 crore shares at Rs 10 each.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
In the wake of the brutal assault on a woman in an unguarded ATM in Bangalore, the Finance Ministry said it has asked all banks to strictly follow the RBI's instructions on security at these outlets and comply with instructions issued by state governments.
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.
Isha was the custodian of the cash at the time it was being placed in the ATM.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
Bengaluru resident Krishnan H tells us about a State Bank of India ATM counter where most of the machines are dysfunctional.
Readers share their bitter-sweet experiences at the ATM.
Private sector lender Bandhan Bank on Friday said its founder, managing director and CEO Chandra Shekhar Ghosh has tendered his resignation. Ghosh would retire from the services of the bank as MD and CEO upon completion of his current tenure on July 9, 2024, the bank said in a regulatory filing. "After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh said in a letter addressed to the board.
In a massive push for cashless transaction, State Bank of India, the country's largest bank, plans to increase the number of its ATMs by over three times to 25,000 in the next three years.
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
State Bank of India is set to cross the 5,000 mark in number of ATMs installed in the country.
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.
The State Bank of India on Monday launched a state-of-the-art 'floating ATM,' said to be the first in the country.\n\n\n\n
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
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.
Many banks are contemplating to set up additional counters for withdrawal to meet the rush
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