ATMs to no longer suck back cash!

Sushubh

Administrator
[OP]
Oct 29, 2004
413,716
12,752
Gurugram
RBI has asked all banks to immobilise the 'cash retraction facility'. At the same time, customers will have to be extra careful in collecting the cash dispensed by the ATM, as they cannot later claim the money from the bank, which was the case when this 'cash retraction facility' was in place at the ATMs.

The typical modus operandi has been to hold on to a few pieces of notes in ATM machines that have cash retraction system, while allowing one or two pieces of notes to be retracted and then claiming non-receipt of cash.

The ATMs do not have the capability to count the pieces of retracted notes, thus leaving a loophole for committing such frauds.



Bank ATMs stop sucking in cash after RBI direction