RBI allows banks to open off-site ATMs without permission
Banks can now open ATMs with ease, as the Reserve Bank authorised them to install these machines at places of their choice, without having to seek its permission.india Updated: Jun 12, 2009 21:27 IST
Banks can now open ATMs with ease, as the Reserve Bank on Friday authorised them to install these machines at places of their choice, without having to seek its permission.
The RBI in line with the proposal in its annual policy statement on Friday said it "permits Scheduled Commercial Banks to install off-site ATMs at centres/places identified by them, without having the need to take permission from the Reserve Bank in each case".
Earlier, banks could only install the ATMs without the permission of the Reserve Bank at the bank branches and extension counters.
The banks should however, report full details of the off-site Automatic Teller Machines (ATMs) installed by them in terms of general permission to the Regional Office concerned, the RBI said in statement issued here today.
This would, however, be subject to any direction which the Reserve Bank may issue, including for closure/shifting of any such off-site ATMs wherever considered necessary by the Reserve Bank.
Also, the banks which have been providing the facility of cash deposit to the customers at their ATMs, should put in place adequate safeguards and procedures like access through PIN/password and others to ensure identification of depositor in case notes deposited are found to be forged or defective, the RBI said.