Next time you go to an ATM (automatic teller machine) to withdraw cash, do not worry about the bank notes getting sucked back by the machine if not collected immediately because the RBI (Reserve Bank of India ) has asked all banks to immobilise the cash retraction facility.
At the same time, customers will have to be extra careful in collecting the cash dispensed by the ATM because they can not later claim the money from the bank, which was the case when this cash retraction facility was in place at the ATMs.
Most of the banks, including HDFC Bank, Canara Bank and Axis Bank have already removed the
cash retraction facility from all their ATMs, while the withdrawal process for this facility is underway for few remaining ATMs.
As per RBI directions, banks are communicating to their customers about the withdrawal of this facility, under which, the cash goes back into the ATM machine if not collected within a stipulated time, which is generally 10 to 15 seconds, but varies from bank to bank.
The facility was initially implemented to avoid the cases of someone else getting the money, if the actual cardholder forgets to collect the withdrawn cash before leaving the ATM.
However, RBI in the last one year has come across banks reporting many instances of frauds pertaining to misuse of cash retraction facility at the ATMs.
The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one (1) or two (2) pieces of notes to be retracted and then claiming non-receipt of cash.
Since retracted transactions are credited back to the customer’s account, the balance in the fraudster’s account remains unaffected even after collecting bulk of the delivered cash.
Src: PTI
No comments:
Post a Comment