Atm

Bengaluru heist: Men posing as RBI officials rob ₹7 cr from ATM cash van

A cash van in Bengaluru was stopped by men posing as RBI officials, who took away over ₹7 crore in a daylight heist; police are scanning CCTV footage and have formed special teams to trace them

Banks set to miss fourth deadline to roll out cassette-swap system for ATMs

Banks, cash handling firms, and managed service providers are yet to work out the absorption of costs involved in the trade as well as the logistics of switching to the new system

ATMs slide into the shadows as digital transactions take centerstage

With the Covid-induced surge in UPI transactions now firmly here to stay, banks are rethinking their strategies - and costs - on ATMs, especially for off-site machines

Money on the Move: ATM installed on Panchavati Express on trial basis

The Central Railway (CR) has installed an automated teller machine (ATM) onboard the Mumbai-Manmad Panchavati Express on an experimental basis, officials said. The ATM, provided by a private bank, has been installed in an air-conditioned chair car coach of the daily express service and will be made available to passengers shortly, they said. "The ATM has been installed on board the Panchavati Express on experimental basis," CR's chief public relations officer Swapnil Nila said on Tuesday. According to the railway officials, the ATM has been put up in a cubicle at the rear end of the coach, a space earlier used as a makeshift pantry. A shutter door has been provided to ensure the safety and accessibility while the train is in motion, they said. The necessary coach modification was undertaken at the Manmad Railway Workshop, the official said. The Panchavati Express, operating daily between Chhatrapati Shivaji Maharaj Terminus in Mumbai and Manmad Junction in neighbouring Nashik ...

Govt turning banks into 'collection agents of loot': Kharge on ATM fee hike

The Congress on Saturday hit out at the Modi government after the RBI's decision to allow banks to increase charges on ATM cash withdrawals, and said banks have been reduced to "collection agents" to "loot" citizens. Giving a list of charges levied by banks, Congress president Mallikarjun Kharge said a "painful" price rise and "unbridled loot" was the BJP's mantra. "Our banks have been unfortunately made 'collection agents' by the Modi government! ATM withdrawal charges to be costlier," Kharge said in a post on X. "The Modi government has extracted at least Rs 43,500 crore due to non-maintenance of minimum balance from savings accounts and Jan Dhan accounts combined, between 2018 and 2024," he said. "Other bank charges to LOOT citizens - an inactivity fee, which is Rs 100-200 every year. Bank statement issuance fee is Rs 50-100. Rs 20-25 per quarter is charged for SMS alerts. Banks charge 1-3 per cent as loan processing fees," he added. The Congress chief also claimed that if a lo

ATM interchange fee hike puts spotlight on micro-ATMs, financial inclusion

The gap of nearly Rs 4 could affect the business correspondent network, which derives nearly 40 per cent of its revenue from the micro-ATM network

FinMin launches BAANKNET, e-BKray to enhance PSU bank e-auctions

The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of non-performing asset cases

Banks hit by AGS may turn to others for cash management operations

AGS is the second largest ATM servicing and cash management in the country with presence across 2,200 cities and towns

No need for round-the-clock manning of every ATM, says Supreme Court

The Supreme Court on Tuesday set aside a Gauhati High Court order for round-the-clock manning of ATMs to ensure one customer entry at a time. A bench of Justices B R Gavai and K Vinod Chandran took note of the submissions of solicitor general Tushar Mehta, appearing for some banks, that it was not practical to deploy security guards round the clock at all ATMs. "In Assam, we have around 4,000 ATMs. We cannot have one security guard at all the ATMs. The worldwide recognised system is to have CCTVs," he said. Mehta said the apex court in December 2016 stayed the high court's direction, which could be made absolute. He said the petitioner banks, including the State Bank of India, had no grievance in accepting the other directions issued by the high court in December 2013 concerning security protocols for proper functioning of ATMs. The bench allowed the petition and set aside the direction issued by the high court which read, "Place security guards round the clock at all ATMs so that

Soon, withdraw Provident Fund from ATMs. Here’s what you need to know

Big news for EPFO subscribers! By 2025, you’ll be able to withdraw your provident fund directly from ATMs. Watch the video to know all about it.

New feature: Deposit cash at ATMs via UPI, no debit card required

UPI Interoperable Cash Deposit lets customers add cash to their own or any bank account via UPI at ATMs run by banks and white-label ATM operators, simplifying cash deposits

India's first round-the-clock grain ATM opened at Mancheswar in Odisha

The Annapurti Grain ATMs will be launched in all the districts of the state

You may have to pay more for ATM withdrawals as operators seek hike in fees

The Confederation of ATM Industry has approached the RBI to hike the ATM interchange fees by Rs 2

A higher interchange is critical for ATM biz: India1 MD & CEO K Srinivas

The country's largest WLAO, India1, with a tad over 13,000 units, feels it can double deployments by FY28

Cash at your doorstep: Get post office delivery via Aadhaar ATM service

Running out of cash but can't reach a bank or ATM? Fear not! India Post Payments Bank's Aadhaar ATM (AePS) service lets you withdraw cash using your Aadhaar number for verification

There is money coming in: How cash recyclers are set to get a big leg up

Going ahead, a customer can take a wad of notes to a CRM and use UPI to activate the process of depositing it rather than insert their debit card into the slot

Regulations to climate risk: Managing challenges in a complex banking world

Banks must move beyond being transaction platforms to act as facilitators guiding customers

Bank of Baroda enables UPI ATM facility at over 6,000 ATMs across country

State-owned Bank of Baroda (BoB) on Friday announced that it has enabled the UPI ATM facility at over 6,000 ATMs across the country. It is the first public sector bank to launch UPI ATMs, in coordination with the National Payments Corporation of India (NPCI) and powered by NCR Corporation, BoB said in a statement. Customers as well as customers of all participating issuer banks using any UPI-enabled Mobile app can withdraw cash from Bank of Baroda UPI ATMs without using their debit card, it said. Using the Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs, the UPI ATM enables seamless QR-based cash withdrawals, doing away with the need to carry a Card to withdraw cash, it said. One of the major benefits of the UPI ATM facility is that customers can withdraw cash from multiple accounts linked to UPI, it said. UPI ATM transactions are also quicker, convenient, and secured as they generate a single-use dynamic QR code f

Hitachi Payment Services launches India's first-ever UPI-ATM with NPCI

The Hitachi Money Spot UPI ATM is built on Android OS and will allow cardless cash withdrawals

ATM cassette-swaps to start in June as cash refills go contactless

Move will align cash-handling business with global standards, clamp down on fakes, accounting discrepancies