ATM Withdrawal Rules: Cash withdrawal rules in ATM will change, fraud will be curbed

 

Cash withdrawal facility will be restarted in selected ATMs across the country. In this, the ATM machine will withdraw the cash that is not taken by the customer within the stipulated time. This step has been taken to protect the customers and prevent fraud.

ATM Withdrawal Rules: RBI is going to make a big change in the rules of cash withdrawal at ATM booths. Under this, the cash withdrawal facility will be restarted in selected ATMs across the country. In this, the ATM machine will withdraw the cash that is not taken by the customer within the stipulated time. This step has been taken for the safety of the customers and to prevent fraud.

What is the facility

Cash withdrawal is a facility in ATM where if the customer does not withdraw cash from the cash tray within the stipulated time, the machine withdraws the cash. Earlier this facility was misused where fraudsters would withdraw partial amount but the machine log would record the withdrawal of the full amount. This was causing huge losses to the banks. Due to this, RBI had discontinued this facility in the year 2012.

New way of fraud

However, after this the fraudsters have found a new way to commit fraud at the ATM booth. They put a fake cover in front of the cash-tray of the ATM and close it, due to which the cash coming out of the machine gets stuck and is not visible to the customer. He thinks that the transaction has failed and he goes away. After this the fraudsters reach there and remove the fake cover and withdraw the cash.

To deal with this, RBI has instructed banks to implement cash refund system with more technical security.

The facility will be implemented here first

Banks have been instructed to re-activate this facility in those ATMs where the possibility of this type of fraud is high. For this, banks have also been asked to upgrade their ATM machines to implement this technology.

Customers’ money will be safe

This technology will be especially effective in cases where customers accidentally forget to withdraw money or are unable to take money due to some reason. Also, if a fraudster tries to take money of another customer, then this technology will also be helpful in stopping him.

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