look news india
ATM Withdrawal Rules: RBI is going to make major changes in the rules for withdrawing cash at ATM booth. Under this, the facility to withdraw cash will be restarted in selected ATMs across the country. In this, the ATM machine will withdraw the cash which the customer has not withdrawn within the stipulated time. This step has been taken to protect customers and prevent fraud.
What is the facility?
Cash withdrawal is a facility in ATM, under which if the customer does not withdraw cash from the cash tray within the stipulated time, then the machine withdraws the cash. Earlier this facility was misused, where fraudsters would withdraw a partial amount, but the withdrawal of the entire amount was recorded in the machine log. Banks were incurring huge losses due to this. For this reason, RBI had closed this facility in the year 2012.
New method of fraud
However, after this the fraudsters have discovered a new way of committing fraud at ATM booths. They place a fake cover in front of the cash-tray of the ATM and close it, due to which the cash coming out of the machine gets trapped and is not visible to the customer. He feels that the transaction has failed and leaves. After this the fraudsters reach there and remove the fake cover and take out the cash.
To deal with this, RBI has directed banks to implement cash refund system with more technical security.
The facility will be implemented here first
Banks have been instructed to reactivate this facility in those ATMs where the possibility of this type of fraud is high. For this, banks have also been asked to upgrade their ATM machines to implement this technology.
Customers’ money will be safe
This technology will prove to be especially effective in cases where customers accidentally forget to withdraw money or are unable to withdraw money due to some reason. Also, if a fraudster tries to withdraw another customer’s money, this technology will also prove helpful in stopping him.