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
