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Saturday, December 28, 2013

Banks look to ‘ad’ to ATM security

Banks are looking at advertising of insurance, mutual fund, and bond products in ATMs to pay for making the booths secure.

After the brutal attack on a woman inside an ATM in Bangalore last month, States, including Karnataka, Andhra Pradesh and Maharashtra, have told banks to beef up the security infrastructure or face closure of booths.

As at November-end 2013, there were about 1.40 lakh ATMs connected to the National Payments Corporation of India’s National Financial Switch. Banks have been asked to place surveillance cameras, both inside and outside ATMs, and connect an alarm in the ATM booth to the nearest police station, said a senior Bank of Baroda official.

To provide all this and well-trained security guards and other equipment at the ATMs, as mandated by State authorities, banks, according to a senior SBI official, are looking at revenue generation options, including display of advertisements of non-banking products either on the inner walls of the booths or as standing displays.

They also plan to limit the number of free transactions, both at own-bank and other-bank ATMs, to five a month.

More transactions

Also coming are an increase in the service charge (from Rs 15 now to about Rs 18 per cash withdrawal) beyond the fifth ATM transaction, and a hike in the annual maintenance fee for ATM-cum-debit cards.

Currently, bank customers enjoy unlimited free transactions, including cash withdrawal (subject to the daily withdrawal limit set by their bank) and balance enquiry, at their own bank’s ATMs.

Further, they are allowed a maximum of five free transactions per month at other banks ATMs.

Source: thehindubusinessline


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