BFSI Snip­pets

Consumer Voice - - In The News -

ATM trans­ac­tions with­out bank ac­count

The Re­serve Bank of In­dia has given in-prin­ci­ple ap­proval for set­ting up of a new pay­ment sys­tem that will fa­cil­i­tate fund trans­fers from bank ac­count hold­ers to those with­out ac­counts through the au­to­mated teller ma­chines (ATMs). Un­der this sys­tem, the sender can have the money with­drawn from his bank ac­count through an ATM trans­ac­tion. The in­ter­me­di­ary pro­cesses the pay­ment and sends a code to the re­cip­i­ent on his mo­bile that al­lows him to with­draw money from any nearby bank’s ATM.

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