Advertisement

HindustanTimes Sun,21 Dec 2014

Do not have a bank a/c? You may still get to draw money from ATM

HT Correspondent, Hindustan Times  Mumbai, February 13, 2014
First Published: 00:10 IST(13/2/2014) | Last Updated: 01:41 IST(13/2/2014)

In what could be a game-changer in a country where less than 40% of the population have bank accounts, the Reserve Bank of India (RBI) is mulling ways to transfer funds to those who does not have bank accounts through automated teller machines (ATMs).

http://www.hindustantimes.com/Images/popup/2014/2/13-02-14-pg13c.jpg

“We have recently approved the in-principle setting up of a payment system, which will facilitate fund transfer from bank account holders to those without accounts through ATMs,” RBI governor Raghuram Rajan said at the Nasscom India Leadership Forum in Mumbai on Wednesday.

“Essentially, the sender can have the money withdrawn from his account through an ATM transaction,” he said.

“The system will take care of necessary safeguards of customer identification, transaction validation etc, he added.


Advertisement
more from Business

Year-end high: Flipkart announces $700 million funding

Flipkart, India’s largest e-commerce marketplace, on Saturday announced a US $700 million (Rs 4434 crore) investment even as 2014, the year that has seen huge fund flow into India’s rising consumer internet industry, is about to end.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved