State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
Bank of Baroda has shelved its plan to induct a strategic partner in its wholly-owned subsidiary, Bobcards Ltd, even as the public sector entity plans to increase its ATM network to 500 by March 2004.
A white-label ATM is similar to a normal bank ATM but is not owned by a bank, instead by a private ATM service provider.
Axis Bank recently informed the Reserve Bank of India that it had experienced a cyber attack, while the State Bank of India said it was re-issuing over 600,000 debit cards because of a potential security breach.
In addition to the problem of long queues at automated teller machines, there would be the problem of guiding new cardholders, especially in rural and semi-urban areas, on how to use those cards, some bankers told Business Standard.
The problem is set to grow following issuance of 75 million new RuPay cards in the next six months with the launch of the Jan Dhan Yojana.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
As many as 641 customers across 19 banks have been duped of Rs 1.3 crore using stolen debit card data
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
Jifi is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000.
A task force will speed up the recalibration of 200,000 ATMs so these can dispense the new Rs 2,000 notes.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
For the urban population, recalibration of ATMs has already started and they will start dispensing the new Rs 2,000 currency notes from Monday or Tuesday.
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.
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.
The government plans a mega launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) by Prime Minister Narendra Modi on August 28, which is likely to see opening of one crore bank accounts on the first day itself.
Unbanked customers can expect easier access to banking.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
Even as State Bank of India, the country's largest lender, has decided to charge its customers for more than five transactions through automated teller machines (ATMs), private sectors banks continue to be on a wait-and-watch mode.
After the recent attack on debit cards exposed the gaps in their security systems, banks are getting serious about data privacy.
73-year-old dies in Mumbai, 75-year-old in Kerala.
India Inc is shying away from investing in digital technologies.
Debit card use at POS terminals increasing at rapid clip, transactions at ATMs declining
SBI had a tough journey in the last 40 years.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
