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Showing posts with label Cash Retraction. Show all posts
Showing posts with label Cash Retraction. Show all posts

Sunday, September 2, 2012

Cash Retraction in Indian ATM’s finally withdrawn. Collect Cash before leaving the ATM!!!!!!!



            Due to the rising of frauds in India on the cash retraction facility in India, the Indian regulators were looking at various alternatives to minimize such instances.

            A detailed discussion took place in the NFS steering committee meeting held on 07/04/2011. One of the suggestions received was to disable the ATM retraction facility. As this was a new step, a pilot run was conducted on selected ATM’s.

          As expected, not a single complaint on cash retraction was received by member banks. On the basis of the pilot run feedback, NPCI sought RBI’s approval to adopt the disabling of ATM retraction facility across Pan-India ATM’s.

            RBI agreed to the NPCI’s proposal and communicated their acceptance vide Lr.No.DPSS.CO.PD NO1230/02.07.2011/2011-12 dt.09/01/2012.
    
        The initial deadline for the member banks to disable the cash retraction in their respective ATM’s was 31/03/2012. Subsequently, it was extended to August 31st, 2012.

            With the August31st, 2012 deadline too over, all Banks in India, have disabled the cash retraction facility in their ATM’s.

            This step was disseminated to the bank customers vide SMS’s, Notice Board messages, messages in Statement of Accounts.

            The press too widely reported this new service. Majority of the banks have also highlighted this on their websites eg:- Axis Bank, HDFC Bank, SVC Bank, Indian Overseas Bank. Plus, by the word-of-mouth publicity, the message would have spread across the banking customers.

            The cash disbursement at the ATM’s depends on the model of the particular ATM. In some ATMs, there is a Cash dispenser, wherein the cash falls into the dispenser. In some ATM’s, the money remains at the mouth of the ATM, which the customer has to take it.

Ideally, the cash in all ATMs’ should have a cash dispenser, wherein the cash falls into it and the customer collects it from there.  
What is Cash Retraction?




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