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Last Updated : Aug 27, 2019 12:34 PM IST | Source: Moneycontrol.com

ATMs might soon place 6-12 hour gap between cash withdrawals: Report

OTPs for cash withdrawals, similar to the kind used for card transactions online, is also being considered

Moneycontrol News @moneycontrolcom

The Delhi State-Level Bankers' Committee (SLBC) has suggested keeping a window of 6-12 hours between cash withdrawals to prevent frauds, according to a report by The Times of India.

"A lot of these frauds happen at night, from around midnight to early morning. A bar on transactions for a certain period can help," said Mukesh Kumar Jain, the CEO of Oriental Bank of Commerce and the Delhi SLBC convener, told the publication.

The proposal was one of the safety measures discussed at a meeting of representatives from 18 banks, the paper said.

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There were 179 fraud cases recorded in Delhi during 2018-19, the highest number after Maharashtra (233). Across the country, the number of frauds rose to 980 in 2018-19 from 911 the previous year.

Moneycontrol could not independently verify the story.

One-time password (OTPs) for cash withdrawals, similar to the kind used for card transactions online, are also being considered, Jain told The Times of India.

Another measure being evaluated is a centralized monitoring system with a two-way communications system, the report said.

Out of OBC’s 2,600 ATMs, 300 are monitored using a similar system. The ATMs are tracked at a control room at the bank’s head office.

OBC estimates a saving of Rs 50 crore annually once the system is in place since hiring guards won’t be necessary.


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First Published on Aug 27, 2019 12:34 pm
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