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Tuesday, January 10, 2012

Cash retraction system in ATMs may be removed

The cash retraction system in ATM machines may soon be a thing of the past. The Reserve Bank of India has agreed to the National Payments Corporation of India's proposal to remove this functionality from all machines after a pilot proved extremely effective in curbing misuse.

The central bank is taking this step as it has come across cases of people forcibly trying to defraud the banking system by holding on to a few pieces of notes in ATM machines that has cash retraction system (that is, cash getting sucked back by the machine, if not removed within a specified time, often seconds), and then claiming non-receipt of cash.

“Of course due notice will be given to all customers. So remember, hereafter if you are careless to walk away from an ATM forgetting to collect your cash, it is lottery for the next user!,” said Mr G. Padmanabhan, Executive Director, RBI, at a function to launch the Tamilnadu Mercantile Bank's mobile banking service in Chennai.


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