Retraction System From ATMs May Be Removed
As ever one who transit money from ATM mostly face problem like retraction. That means if you don’t pick your cash within specific period of time then you will loose it, because it goes back inside the ATM (As it os set by the programmers).
RBI (Reserve Bank Of India) after agreeing to the National Payment Corporation Of India agreed to remove the function of retraction from all the ATM in India. This step is to be taken to prevent the misuse of ATM.
The step is taken because many people across the country are facing the problem. People have also claimed that they haven’t received any cash from the ATM and the money has been deducted from there account. To prevent this Central bank has decided to take this step first.
All the customers need not to be worried now, as they would be given the notice earlier by all the banks.
Executive Director of RBI Mr. G. Padmanabhan said that “The customers in future have to remember that they have to wait until they collect the cash from the ATM or else the person coming after him would be in profit.” Mr. G. Padmanabhan said this in Chennai at Tamilnadu Mercantile Bank’s mobile banking service.