BFSI Snippets

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 Under this system, the sender can have the money withdrawn from his bank account through an ATM transaction.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.