Thursday, October 28News That Matters
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Tag: ATMs

Yes Bank depositors rush to ATMs but most unable to withdraw cash

Yes Bank depositors rush to ATMs but most unable to withdraw cash

Finance
MUMBAI: 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. At an ATM in south Mumbai's Horniman Circle, with the RBI headquarters overlooking it, the shutters were pulled down. The guard on duty said the machine was non-operational before he reported to work late in the evening and he was ordered to shut it after 2200 hrs. In the residential area of suburban Chembur, one ATM was dispensing cash but had a long queue of anxious dep...
Debit cards show up more at retail stores, less at ATMs

Debit cards show up more at retail stores, less at ATMs

Finance
MUMBAI: Bank customers are increasingly getting comfortable making payments through debit cards on swipe machines at kirana stores and local retail outlets. Latest data from the RBI show that over a third of all debit card transactions were made at point of sale (PoS) terminals in April this year for the first time since demonetisation. With about 80-crore withdrawals worth Rs 2.84 lakh crore in April, ATM transactions made for just over 66% of overall debit card transaction volume. PoS machines registered the rest 34% of the transaction volume in this period. The only other time the ATM transaction share fell below the two-thirds mark was in December 2016 — a month after demonetisation — when it was at 60.3% and PoS transactions at 39.7%, owing to the lack of cash in the system. The trans...
Now, withdraw cash from ATMs without a card

Now, withdraw cash from ATMs without a card

Finance
MUMBAI: SBI has introduced a facility that allows customers to withdraw cash from ATMs without a card. YONO Cash can be used to withdraw cash at over 16,500 SBI ATMs across the country. SBI is the first bank to offer this service in India. The ATMs enabled for this service will also be termed as YONO Cash Point. Customers can initiate the cash withdrawal process on the YONO app and set a six digit YONO Cash pin for the transaction. They will also get a six digit reference number for the transaction on their registered mobile number via SMS. The cash withdrawal has to be completed within the next 30 minutes at the nearest YONO Cash point using both PIN and the reference number received. YONO can be accessed through Android and iOS powered mobile phones, and on the web through a browser. SB...
25% ATMs of public sector banks may be vulnerable to fraud

25% ATMs of public sector banks may be vulnerable to fraud

Finance
The government on Friday indicated that nearly a quarter of the automated teller machines (ATMs) run by public sector banks may be vulnerable to frauds as 74% of the cash dispensers are running on outdated software. The statement on state-run banks came in response to a question in Parliament on ATMs running on software that was outdated or “unsupported”. These ATMs are prone to fraud and lack basic security features. The government, however, did not disclose details of such ATMs that were run by private sector lenders. A bulk of the machines in the country are operated by public sector players, with government telling Parliament that close to 89% of the ATMs belonged to this category. Despite the growing presence of private players in recent years, state run-banks still contro...