Tuesday, 20 May 2014
Withdraw money from ATMs without any Card
Bank of India became the first bank in state of Maharashtra, India to allow users to withdraw money from ATM without having a bank account.
The bank launched ‘Instant Money Transfer’, a domestic remittance service that would allow any user to remove cash from its selected ATM’s without having the need of card. This facility is as per the promise of RBI governor, Raghu Ram made in the month of March.
Using the receiver's mobile number, the IMT would allow the customer to transfer money to a receiver through the bank's ATM or using retail Internet banking facility. Hence, the receiver may withdraw money from designated BoI ATMs without using a debit card.
"This service is in line with the RBI's expectation of expanding financial inclusion, wherein fund transfer can happen from account holders to those without accounts through ATMs," BoI Chairperson and Managing Director V R Iyer told reporters here.
With this facility, the user may withdraw upto Rs 10,000/transaction and upto Rs 25,000 monthly. Further, the receiver will be charged a fees of Rs 25 on every transaction.
ATM has revolutionized the money transfer process. It has definitely reduces the headache of waiting in long bank queues. The global ATM market is poised togrow steadily as per various research. One such research is conducted by Allied Market Research that provides market Size, Share, Trends and Forecast from 2012 – 2020 on the global ATM market. It would be interesting to see what next technological up gradation is waiting for ATMs