By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
BusinessLogrBusinessLogr
Aa
  • Home Beauty
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Reading: ATMs soon to fork out cash without bank account too
Share
BusinessLogrBusinessLogr
Aa
Search
  • Home Beauty
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
BusinessLogr > Finance > ATMs soon to fork out cash without bank account too
Finance

ATMs soon to fork out cash without bank account too

deep
Last updated: 2016/01/03 at 6:13 PM
deep Published January 3, 2016
Share
2 Min Read
SHARE

ATMs soon to fork out cash without bank account too

People without a bank account in India would soon be able to withdraw cash from an automated teller machine (ATM) with the use of mobile technology, Researve Bank of India Governor Raghuram Rajan announced on Wednesday.

At present, only bank account holders can withdraw cash from an ATM.

“We have recently approved the in-principle setting up of a payment system which will facilitate the funds transfer from bank account holders to those without accounts through ATMs,” Rajan said while speaking at the NASSCOM India Leadership Forum on financial inclusion and technology.

“Essentially, the sender can have the money withdrawn from his account through an ATM transaction. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM. The system will take care of necessary safeguards of customer identification, transaction validation, velocity checks etc.,” Rajan said.

“We need more such innovative products,” he added.

The RBI governor said cashing out is important for remittances, because the country has a large recipient population, most of whom do not have access to formal banking services.

“The key to cheap and universal payments and remittances will be if we can find a safe way to allow funds to be freely transferred between bank accounts and mobile wallets, as well as cashed out of mobile wallets, through a much larger and ubiquitous network of business correspondents,” he said.

The Nachiket Mor Committee suggests the creation of Payment Banks as a step towards this goal. Other suggestions include interoperable business correspondents who will get the scale economies to serve in remote locations, and the usage of NBFCs as banking correspondents.

“We will examine all this,” Rajan said.

[“source-businesstoday”]

You Might Also Like

Options for Roof Financing with Bad Credit: A Guide for Allen Residents

Gta Agency Passive Income

your income space review

Tieghan gerard income in banks

Passive income for dentists

TAGGED: ATMs soon to fork out cash without bank account too

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
deep January 3, 2016
Share this Article
Facebook Twitter Email Print
Share
Previous Article Muthoot Finance enters White-Label ATM, to invest Rs 300cr
Next Article Petrol price cut by 50 paise a litre

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • bmo harris express loan payment
  • payday loans that work with chime bank
  • find a loan shark on craigslist

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • bmo harris express loan payment
  • payday loans that work with chime bank
  • find a loan shark on craigslist

Recent Posts

  • The Essence of Public Storage Units
  • Guide to Retirement Planning: Putting Money Into the Future

FOXIZ

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?