RBI Lifts Cash Withdrawal Limits of ATMs, Banks from 01.02.2017

RBI/2016-17/217
DCM (Plg) No. 2905/10.27.00/2016-17 January 30, 2017

The Chairman / Managing Director / Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks,
Regional Rural Banks / Urban Co-operative Banks,
State Co-operative Banks / District Central Co-operative Banks

Dear Sir/Madam,

Limits on Cash withdrawals from Bank accounts and ATMs - Restoration of status quo ante

Please refer to our circular DCM (Plg) No.1226/10.27.00/2016-17 dated November 08, 2016 placing limits on Cash withdrawals from bank accounts and ATMs in the wake of withdrawal of Legal Tender Character of Specified Bank Notes (SBN) and subsequent circulars DCM (Plg) Nos.1256, 1274, 1317, 1437, 2142 and 2559 dated November 11, 14, 21, December 28, 30, 2016 and January 16, 2017 respectively, providing for relief and relaxations therefrom.

2. On a review of the pace of remonitisation, it has been decided to partially restore status quo ante as under:

i. Limits placed vide the circulars cited above on cash withdrawals from Current accounts/ Cash credit accounts/ Overdraft accounts stand withdrawn with immediate effect.

ii. The limits on Savings Bank accounts will continue for the present and are under consideration for withdrawal in the near future.

iii. Limits vide the circulars cited above placed on cash withdrawals from ATMs stand withdrawn from February 01, 2017. However, banks may, at their discretion, have their own operating limits as was the case before November 8, 2016, subject to 2 (ii) above.

3. Further, banks are urged to encourage their constituents to sustain the movement towards digitisation of payments and switching over of payments from cash mode to non-cash mode.

4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)

Chief General Manager

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ATM withdrawal Limit hikes to 10000 and 1 Lakh of Saving and Current Account respectively - RBI

Reserve Bank of India has issued new circular for ATM withdrawal of to Rs. 10000 from Saving Account and weekly withdrawal Limit of Current Account to Rs. 1 Lakh w.e.f.16.01.2017

RBI/2016-17/213
DCM (Plg) No.2559/10.27.00/2016-17

January 16, 2017

The Chairman / Managing Director / Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks /
Regional Rural Banks / Urban Co-operative Banks /
State Co-operative Banks/District Central Co-operative Banks

Dear Sir,

Enhancement of withdrawal limits from ATMs and Current Accounts

Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectively, on the above subject.

2. On a review of limits placed on withdrawals from ATMs and current accounts, it has been decided to enhance the same, with immediate effect as under:

• The limit on withdrawals from ATMs has been enhanced from the current limit of ₹ 4,500/- to ₹ 10,000/- per day per card (It will be operative within the existing overall weekly limit).
• The limit on withdrawal from current accounts has been enhanced from the current limit of ₹ 50,000/- per week to ₹ 1,00,000/- per week and it extends to overdraft and cash credit accounts also.

3. There are no changes in the other conditions. The relaxations as provided in our circular dated November 28, 2016 will continue.

4. Please acknowledge receipt.

Yours faithfully,

(P Vijaya Kumar)

Chief General Manager

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How to Pay your Taxes through ATM?

Friends, as per the current requirement of every tax payee person that they should pay their income tax through ATM or Online. Online facility is provided by the Government, similarly Income Tax, Tax Deducted at Source and Tax Collected at Source is also deposited through ATM.

No forms, no queues. Just go to your ATM and pay your income tax. The government on Thursday launched the new facility for tax payment and said it was to begin with open only to Union Bank of India customers but will be extended to other banks.

Here's how it will work. The bank's debit cards holders will register on the lender's website. This site is in turn linked to the National Securities Depositories Ltd which will help validate the permanent account number (PAN) of individuals and the Tax Deduction Account Number (TAN) provided to taxpayers.

After the registration, a customer can go to a Union Bank ATM and can surf the income tax menu which will display his PAN number and ask for the tax amount that is to be paid along with item-wise details of any other amount the assessee may want to include in the tax payment.

On confirmation, the tax amount will be debited from the customer's account and the ATM will generate a receipt with a special number. After 24 hours, customers can log on to the bank's website, submit the special number and print a challan.

Up to eight family members of a Union Bank of India customer can pay tax through the bank's ATM even if they do not have an account with the public sector player.

Union bank CMD M V Nair said the bank was looking at the possibility of extending the service to payment of other taxes as well as allowing customers of other banks to use its ATM for income tax payment.

At present, taxpayers have to go to a bank branch to pay tax after filling up a form and then collect a copy of the challan. At the end of every quarter, bank branches are overflowing with taxpayers trying to meet the deadline.

A tax department official said that other banks may be roped in but it was for the banks to come up with proposals. Increasingly, the tax department is pushing for electronic channels to collect taxes and returns. Special incentives such as early processing of returns have enticed taxpayers to avail of the electronic channels instead of queuing up at counters. (The Time of India, Apr 1, 2011)

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Remebmer when you using an ATM Card.

Dear Friends, I would like to share with you some important thing when you using an ATM Card. The ATM Card facility is well for all abut some point to know about ATM, which are as follows:

• After completing an ATM or Debit transaction, remember to take your card and, if provided, your transcation record.
• Never disclosed your PIN to anyone. No one from card company, the police, or a merchant should ask for your PIN. You are the only person who should know it.
• When traveling it is advisable that you only take one ATM card and memorize the PIN. Protect your ATM card from damage by keeping it in a safe place - don't allow it to bend or be scratched.
• Memorized your PIN (Personal Identification Number) - if you must wirte down your PIN, do not keep it in your wallet, purse or on the card itself.
• In case you loss your card- be sure to know the emergency phone number of your card issuer.
• Make sure that anyone waiting to use the ATM after you cannot see you entering your PIN or transaction amount.
• Cancel your transaction and leave immediately if you see anything suspicious. Confirm, as soon as possible, with your card company that the transaction was cancelled.
• If your are using an indoor ATM that requires your card to open the door, avoid letting anyone come in with you that you do not know.
• Lock the car doors and roll up the another widnows when you use a drive-through ATM.
• Do not leaver your receipt behind-take it with you compare your ATM receipts to your monthly statement. It is the best way to guard against fraud and it makes record-keeping easier for you.
• If you loss your credit card or your ATM card, cantact the company that issued your card immediately.
  

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ATM and Debit Cards facility provide Indian Post to their customers as Bank soon.

ATM and Debit Cards facility provideds to their customers by Indian post soon. Indian Post has to be install ATM Centre in the post office to come in the race of banking activities. Indian post is planning to set up at least 1000 ATM center initially for this purpose by set up a subsidiary PBI (Post bank of India). India post has the large network in India in rural as well as in urban areas which has around 1.5 lakhs centers. Giving the ATM facility will increase the transactions as well as increase the network of India post.

India post is also planning to introduce core banking solutions for its customers in which one can deposit or withdraw the money in any branch of post office. Generally we can see the long queue inthe post office of the people who wants to deposit or withdraw the small amount. ATM will surely reduce the burden for these transactions.

According to IT professionals, setting the core banking solutions in 1000 branches will cost around 2000 crore for India post including software, postal services and banking services.
India post is currently giving some of the banking services like fixed deposit, recurring deposit, loans, pension payments and money transfer services. India post is also planning to tie up with the banks to use their ATMs free of charge to their customers.

RBI is not happy with this move. According to RBI, setting ATM is allowed only to bank. If India post is planning to setting up, it should be in complete purview of RBI with regulation and transactions purposes.

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How to Withdrawal Cash Amount without ATM Card from IndusInd Bank

Due to advance technology the IndusInd Bank provides facility to withdrawal Cash Amount without ATM/Debit Card there for you no need to carry your Automated Tellor Machine (ATM) Card. It is a Cash-On-Mobile Facility and it is fully cardless. The followings steps are more important to know that, How to get it?, What do you get? and How do you you get it?

HOW TO GET IT?

1. You will have to register for the service at any IndusInd branch or ATM via the bank's Internet banking.
2. You can also call up the bank's customer service center.
3. Once registered, you will receive a fourdigit MPIN (mobile personal identification number), just like an ATM PIN.
4. This MPIN will ensure security of the transaction and work as an authorisation code.
5. You need to download the application on your cellphone.
6. You also have the option of using the SMS channel.
7. The bank will send a weblink for the application.
   

WHAT DO YOU GET?

1. The service is free-of-cost.
2. You get the facilities you normally get at an ATM.
3. You will be able to make intra-bank, mobile-to-mobile, mobile-to-account fund transfers and even Net Electronic Funds Transfer (NEFT).
4. Interbank Mobile Payment Service (IMPS) is a part of this mobile application.
5. Cash limit: You can withdraw up to R5,000 per day through cash-on-mobile.
6. In case of fund transfers through IMPS, the limit is R30,000 per day per transaction and R4,000 using SMSs.
7. All bill payments come with a limit of R20,000 per day per transaction.
   

HOW DO YOU USE IT?

1. Go to the IndusMobile application you have downloaded.
2. Use your MPIN and make a request to the bank for the cardless withdrawal facility, specifying the amount.
3. The bank will send you a temporary password.
4. You will have to generate another password for yourself as well through the application.
5. At the ATM, choose the cash-on-mobile option on the screen.
6. You will be asked to enter your mobile number, the amount and the temporary password sent by the bank as well as the password you generated.
7. Only when all four match, the ATM will dispense cash.
8. You can even use this facility to send money to a third party.
   

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All Income Tax payment facility through ATMs starts with HDFC Bank

Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank’s ATMs. “With this facility, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into the internet to pay their taxes,” the bank said in a statement.

The service was flagged off by Controller General of Accounts C R Sundaramurti at the bank’s Deer Park branch here.

The service can now be accessed by the bank’s 115 lakh debit card holders at 5,998 HDFC Bank ATMs in 1,111 cities across the country.

For availing the service, customers will have to register themselves and the ATM payment option will be activated immediately, it said.

For the quarter ended June 30, the bank’s total income was Rs 7,098 crore as against Rs 5,411.0 crore in the year-ago period. Net revenues Rs 3,968 crore in the first quarter of the fiscal as against Rs 3,392 crore in April-June, 2010.

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Income Tax payment facility through ATM starts by HDFC Bank

On 3rd August the private Sector lender HDFC Bank launched a very important service to their customers who has more than 115 lakhs debit card holder now pay their income tax through the Bank's ATMS.

The HDFC Bank customers now avail this facility to pay income Tax, the bank has given its vast customer base the freedom from waiting in long queues at counters or logging into the internet to pay their taxes,” the bank said in a statement.

The service was flagged off by Controller General of Accounts C.R. Sundaramurti at the bank’s Deer Park branch in New Delhi.

The service can now be accessed by the bank’s 115 lakh debit card holders at 5,998 HDFC Bank ATMs in 1,111 cities across the country.

For availing the service, customers will have to register themselves and the ATM payment option will be activated immediately, it said.

For the quarter ended June 30, the bank’s total income was Rs. 7,098 crore as against Rs. 5,411.0 crore in the year-ago period. Net revenue was Rs. 3,968 crore in the first quarter of the fiscal as against Rs. 3,392 crore in April-June, 2010.

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RBI Notification: Credit Amount wihout withdraw through ATM else Rs. 100/- Charged to bank after 7 Days.

Reserve Bank of India has issued notification regarding reconciling ATM Transaction in between working 7 Days of the ATM misconduct the transction of the ATM Customer, otherwise claimant can claim Rs.100/- per day for delay in settlement with other conditions given in below notification.

More and more ATM customers/users are facing such problems to credit misconduct/mis-operate fund which they withdrawals cash from ATM. The Bank debits their account without issuing cash through ATM due to any technical problems etc. In such case, bank reconcile the entry on getting request from customer and reverse transaction after reconciliation with in one or more month. But now after this Notification, there will be improvement in ATM transaction period. Notification issued by RBI is given as under :-

RBI/2010/11/547
DPSS.PD.No.2632 / 02.10.002 / 2010-2011
May 27, 2011

The Chairman and Managing Director / Chief Executive Officers
All Scheduled Commercial Banks including RRBs /
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks

Madam / Dear Sir

Reconciliation of failed transactions at ATMs

Please refer to our letter DPSS No. 711 / 02.10.02 / 2008-2009, 1424 / 02.10.02 / 2008-2009 and 101 / 02.10.02 / 2009-2010 dated October 23, 2008, February 11, 2009 and July 17, 2009 respectively on the captioned subject.

2. Reserve Bank has been continuously monitoring the implementation of various directions by the banks. Based on a review of the developments and with a view to further improve the efficiency of operations, it has been decided as under :-
* a. The time limit for resolution of customer complaints by the issuing banks shall stand reduced from 12 working days to 7 working days from the date of receipt of customer complaint. Accordingly, failure to recredit the customer’s account within 7 working days of receipt of the complaint shall entail payment of compensation to the customer @ Rs. 100/- per day by the issuing bank.
* b. Any customer is entitled to receive such compensation for delay, only if a claim is lodged with the issuing bank within 30 days of the date of the transaction.
* c. The number of free transactions permitted per month at other bank ATMs to Savings Bank account holders shall be inclusive of all types of transactions, financial or non-financial.
* d. All disputes regarding ATM failed transactions shall be settled by the issuing bank and the acquiring bank through the ATM system provider only. No bilateral settlement arrangement outside the dispute resolution mechanism available with the system provider is permissible. This measure is intended to bring down the instances of disputes in payment of compensation between the issuing and acquiring banks.

3. The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007).Non-adherence to the provisions of this circular shall attract penalty as prescribed under the Payment and Settlement Systems Act 2007 (Act 51 of 2007).

4. This directive shall come into effect from July 01, 2011.

5. Banks may widely publicise these changes at all ATM locations and by individual intimation to customers.

6. Please acknowledge receipt.

Yours faithfully


G Padmanabhan
Chief General Manager

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