Make Sure You won't get Fake Note While Transferring Money From ATMs

Yes, This is quite true. A complaint has been field about fake note being coming from ATMs reply to which Reserve Bank of India has issued instructions to banks on Monday January 8, 2007 to ensure that counterfeit banknotes are not dispensed through ATMs.

In the circular, it had instructed banks to stock their ATMs with good quality genuine notes and had said disbursement of counterfeit banknotes through ATMs would be treated as an attempt to circulate the forged notes by the bank concerned.

RBI to allow pure white-label ATMs

As the RBI allays ts apprehensions about pure white-label ATMs, banks and third-party service providers are now looking at setting up such ATMs.

With the RBI indicating that its apprehensions relating to the rollout of pure white-label ATMs — owned and operated by private companies and outsourced by banks — have been allayed, banks and third-party service providers are now looking at setting up such ATMs.

You may soon be able to withdraw money or carry out other transactions from an Automated Teller Machine (ATM) right inside your residential complex or located at the bus stop across the road.

With the Reserve Bank of India (RBI) indicating that its apprehensions relating to the rollout of pure white-label ATMs — owned and operated by private companies and outsourced by banks — have been allayed, banks and third-party service providers are now looking at setting up such ATMs.

The new list of identified locations now includes residential complexes, hospitals, tourist locations, bus stops and railway stations.

The model being envisaged now would involve a bank or a consortium of banks looking after the settlement and cash management functions, while the service provider would invest in real estate, which is the ATM premises, the connectivity and the actual deployment of terminals.