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EPFO 3.0 to rollout soon; will allow funds withdrawal from ATMs: Mandaviya

Union Labour Minister Mansukh Mandaviya announced on Thursday that the Employees Provident Fund Organisation (EPFO) will soon launch the "EPFO 3.0 version," which will allow subscribers to withdraw funds from ATMs, along with several other new features. Speaking after inaugurating EPFO's Office Complex of Telangana Zonal Office and Regional Office here this evening, he said the 'EPFO 3.0 version' will be equivalent to the banking system. "In the coming days, EPFO 3.0 version will come. This means EPFO will become equivalent to a bank. Like how transactions are carried out in a bank, you (EPFO subscribers) have your Universal Account Number (UAN) and you will be able to do all your work," he said. "Neither do you to have visit EPFO offices nor do you have to go to employer. It is your money and you can withdraw it as and when you want. Now you still need to go to EPFO offices. I promise you, in the coming days, you can withdraw your money from ATMs whenever you want. We are carrying

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

ATMs to loans: Union Budget, Mint Road, and evolving financial landscape

A South Block and Mint Road tango is in the offing in 2025, foregrounded by deeper consultations with various stakeholders

EPFO subscribers may soon withdraw claim amounts from accounts through ATMs

Subscribers of the retirement fund body EPFO may soon be able to withdraw claim amounts from their accounts through ATMs, a top official said. Union Labour Secretary Sumita Dawra has reportedly said that the labour ministry is upgrading information technology infrastructure to provide enhanced services to the Indian workforce. She further said that claimants, beneficiaries or insured individuals will be able to access their claim amounts through ATMs. According to the report, the withdrawal will be capped at 50 per cent of the Employees' Provident Fund (EPF). A maximum of Rs 7 lakh is provided under the Employees' Deposit Linked Insurance (EDLI) scheme run by the EPFO to the heirs of deceased subscribers. Thus, the heir of the deceased EPFO subscriber may also be able to use ATMs to withdraw the settled claim. A query e-mail sent to the labour ministry did not elicit any response.

Fewer ATMs, more UPI: India's banking sector shifts to digital payments

As digital payments and UPI gain popularity, Indian banks are cutting down on ATM expansion, especially in off-site locations, and focusing on digital infrastructure

SBI to outsource running of 40% of onsite ATMs, marking largest such order

Lender to issue proposal in 45 days, had 63,580 such machines in FY24

Funds for foreign trip; translation as career: Top personal finance stories

This week we report on how to manage finances when you are in a foreign country and how you can earn by translating literature

E-surveillance market rises as banks boost security for branches, ATMs

Industry sources say that only around 40% of ATMs and 20% of bank branches are enabled with AI-led e-surveillance

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

Punjab & Sind Bank plans to open 100 branches, as many ATMs this fiscal

State-owned Punjab & Sind Bank plans to open 100 branches across the country in the current financial year as part of the strategy to expand its reach. During the year, the bank also plans to add 100 new ATMs to its network. "With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank will continue to focus on branch expansion, and new branches would come up in areas other than the northern region, he said. Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel. The bank plans to more than double its BC network during the current fiscal, he said, adding, that the bank is trying to expand this network to 4,000 by the end of the current financial year against 1,700 at present. The bank is working on customising more products and processes to improve ...

Banks struggle with ATM shortage as 'Make in India' policy disrupt supply

The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay

ATM deployers may get a boost; higher cash withdrawal may cost more

higher cash withdrawal may cost more

Shrine board inks pact to set up health ATMs on Vaishno Devi temple track

Shri Mata Vaishno Devi Shrine Board (SMVDSB) has inked a memorandum of understanding (MoU) for the installation of nine cloud-enabled health ATMs along the pilgrimage track in the Reasi district of Jammu and Kashmir, an official said on Saturday. The shrine board inked the pact with Hewlett Packard Enterprise for health ATMs and one Telemedicine Studio at Katra, the base camp for the pilgrims visiting the shrine, the official said. He said the move is part of the board's commitment to providing good and easily accessible health care services to the pilgrims. This initiative is being undertaken by the Shrine Board as per the directions of (Lt Governor) Manoj Sinha who is also its chairman, in collaboration with HPE as part of its CSR to enhance Health Care accessibility for the pilgrims, stakeholders, besides, local inhabitants on the yatra track round the clock, the official said. In addition, he said the installation of one telemedicine Studio at Katra shall bridge the gap and ...

AGS Transact Technologies receives an order for 1,350 ATMs from SBI

The company received the order under its banking automation solutions portfolio; SBI to deploy these "AGS" branded ATMs during FY24

Delhi zoo soon to start accepting int'l ATM cards for foreign tourists

The National Zoological Park in Delhi soon will have the facility to accept international Master and Visa cards for the foreign tourists, officials said on Thursday. Akanksha Mahajan, director of National Zoological Park, said this facility will attract more foreigners to come to the zoo. "We have seen that the foreign nationals, who visit zoo without tourist guide, faced difficulty while doing payment at the ticket counters and later turn back. Most of the foreign tourists come to the national capital during winter season and we want them to visit the zoo as well. For that we have asked the bank officials concerned to update the facility so that tourists having international Visa or Master cards can use it to buy the tickets," Mahajan said. Apart from this, the zoo will also provide unified payments interface (UPI) facility since the digitisation is underway and the society is rapidly moving towards the cashless transactions, she said. "People also requested us to provide them the

Punjab & Sind Bank aims for 2,000 branches and ATMs by March 2026

Punjab & Sind Bank is aiming for 2,000 branches and as many ATMs in the country in the next three years as part of its strategy to increase touch points and brand visibility. The bank intends to open 50 branches during the current financial year, taking the branch count to over 1,600, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank added 28 branches in the last financial year, taking the total count to 1,555. "Overall, the branch network would cross 2,000 by the end of three years say by March 2026. The bank is now present in 319 districts of the country. The idea is to have a presence in each district of the country. Tier II and III cities would be the focus area and we will expand presence where the bank is sparsely present," he said. The addition of branches would help mobilise low-cost deposits and also increase penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my ..

Punjab & Sind Bank plans to double ATM network to 1,600 in next two years

State-owned Punjab & Sind Bank plans to double its ATM network to about 1,600 in the next two years to increase its touch points and brand visibility. Besides, the bank also intends to open 50 more branches during the current financial year taking the total network beyond 1,600, Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. The addition of new branches would add to low-cost deposits and help in penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my fee income. We are moving to very granular areas like increasing ATM network, improving digital banking experience," he said. He said ATM network can itself be a profit centre because outside customer pays about Rs 17 per transaction for the use of ATM machine. The bank is in the process of upgrading its core banking solution (CBS) which would help digital journey much better and also bring in efficiency, he said. With regard to ...

Banks, ATMs to reopen in Haryana's Nuh on trial basis from August 7

Banks and ATMs will reopen on a trial basis in Haryana's Nuh on Monday, a week after clashes broke out in the district over a Vishva Hindu Parishad procession, an official has said. Financial institutions in Nuh, Tauru, Punhana, Ferozepur Jhirka, Pingawan and municipal corporation areas will open for a short window on Monday, the official said. According to an order issued by District Magistrate Dhirender Khadgata on Sunday, it has been decided to open banks and ATMs on August 7 on a trial basis. Financial transactions in banks will take place from 11 am to 2 pm while ATMs will be open till 3 pm. Government offices will also function smoothly on August 7. Employees can enter their workplaces by showing their identity cards. Normality is returning in the district and the situation is under control, Khadgata said. In addition, a free bus service were provided to CET examination centres in five districts -- Kurukshetra, Panchkula, Karnal, Hisar and Panipat -- on Sunday. This service

Bank of Baroda launches cash withdrawal facility via UPI on its ATMs

Bank of Baroda on Monday announced launch of Interoperable Cardless Cash Withdrawal (ICCW) facility wherein a customer can withdraw cash using UPI from the bank's ATMs. "The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card," the lender said. On selecting the option 'UPI Cash Withdrawal' at a Bank of Baroda ATM, the customer needs to enter the withdrawal amount, post which a QR code is displayed on the ATM screen. Explaining the process, the lender said the customer will scan the QR code using a UPI app enabled for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM. If multiple bank accounts are linked to a single UPI ID, ICCW functionality gives customers the option

No form, ID needed to exchange Rs 2,000 currency note: State Bank of India

Banks ask ATM operators to withdraw such notes from cash-dispensing machines