The apex bank has sent a communication in this regard to Indian Banks' Association and this is expected to be implemented shortly, IBA chairman K Ramakrishnan told PTI. Since April 1, RBI had declared third party ATM usage, including cash withdrawals and account enquiries, free for all customers and said that banks can charge Rs 18-20 per month from other banks in case of third party ATM transaction.
The Reserve Bank on Thursday asked banks to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a move aimed at curbing frauds like skimming, card cloning and device tampering. Currently, cardless cash withdrawal through ATMs is offered by a few banks for their customers at their own ATMs (also known as on-us basis). "All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.
Stating that its ATM operations are making losses, nation's largest bank SBI has said it is all for charging customers for transactions.
To implement the cap, banks will need to make various technological changes in the machines and that will take quite some time.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
Currently, the fee is Rs 15 per financial transaction. This has been recommended to be revised to Rs 16.50, plus service tax (12%), taking the amount to Rs 18.48.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
Most banks complain that without adequate user fees, ATMs are a loss-making business for them
Dubai-based Abhishek Sinha tells us why was he disappointed with an ATM in Noida.
The Central Bureau of Investigation (CBI) conducted searches at seven locations across India in connection with a Rs 350 crore crypto ponzi scam. The accused, operating seven modules in different cities, allegedly lured investors with promises of high returns on cryptocurrency investments. The CBI seized digital virtual assets totaling USD 38,414 in cryptocurrency wallets, cash amounting to Rs 34.2 lakh, and digital evidence, including mobile phones, laptops, tablets, hard disks, and memory cards. The agency registered the case under the Indian Penal Code and the Information Technology Act.
In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
Refusal to share his mPIN cost the businessman his life.
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
Rapid strides in digital payments notwithstanding, the Indian economy will likely remain cash-dependent for many years to come, at least that's what the automated teller machine makers and cash logistics companies are betting on. After growing at over 20 per cent for most of 2020, currency in circulation growth fell to 8.5 per cent as of October 29 this year, shows data from the Reserve Bank of India (RBI). The reason for the steep rise in currency last year was the uncertainties related to the Coronavirus (Covid-19) pandemic, where people preferred to hoard cash to meet exigencies.
Anita Aikara forgot her card in the ATM after a transaction. Read on to find out what happened next...
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.
The number of cyber crimes in India could touch 3,00,000 in 2015
Using credit or debit cards abroad can prove costly.
Fund transfer through Facebook is meant for tech-savvy customers.
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
The war between hackers and banks over ATM security will be dynamically redefined, notes Atanu Biswas.
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.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
More people are now comfortable using their debit cards.
Close to 29 per cent of all complaints received from customers is related to ATM, debit card and credit card payments
The new fee structure would come into effect from July 1.
Laxman Maake, 47, tells us why he is disappointed with the ATM that he often goes to.
With debit cards of 5 banks compromised, time to be very cautious while transacting. If possible, avoid non-bank ATMs.
The bank can declare a withdrawal by you as illegal and deny any remedy in case a problem arises.
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.
Akhil Goel tells us how he lost a huge sum of money without even initiating any withdrawal transaction.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
'We have collected Rs 83,702 crore in deposits in five days.'
Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said on Thursday. The bank has signed a memorandum of understanding (MoU) with the Indian Army for salary account. The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired, Kotak said in a release.
Bengaluru resident Krishnan H tells us about a State Bank of India ATM counter where most of the machines are dysfunctional.
Prayagraj is transforming into a massive temporary city to host the Maha Kumbh, the world's largest religious gathering, expected to draw over 40 crore pilgrims. The preparations include extensive infrastructure development, including 160,000 tents, 150,000 toilets, and a 1,250-km pipeline network. The event, starting on January 13, will culminate on February 26, bringing together millions of devotees for the holy dip at the confluence of the Ganga, Yamuna, and Saraswati rivers.
Bangalore resident Ramesha SG tells us how he left his card at the ATM and lost Rs 26,000.
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