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The bank now has a network of nearly 300 branches and extension counters in UP along with over 1,260 ATMs. Pan India, it has a wide retail network of 5,250 branches, ICICI Bank Executive Director Anup Bagchi told PTI.
The investigation revealed how hackers are targeting specific machines that are not equipped with the latest security measures.
It is possible that some of the branches will be closed resulting in disruption of locker facilities, as also some of the ATM outlets being reshuffled etc.
The banking regulator has prescribed a penalty of Rs 100 per day to be paid by the bank for delay beyond the timeframe set for auto reversal of such transactions.
Several banking privileges have been rolled out for senior citizens
RBI also clarified that banks should not levy charges on failed and non-cash withdrawal transactions at ATMs.
SBI shut 1,000 ATMs in the first half of FY18 and the trend will continue as banks increasingly look to digital solutions and mobile apps to keep up with evolving banking infrastructure.
Since 2016, Qinsheng has made over 1300 withdrawals, amassing a fortune of 7.179 million yuan,
In this Moneycontrol podcast, we will discuss another ATM related crisis looming on the horizon.
The statement comes a day after the Confederation of ATM Industry (CATMi) said changes in the regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019.
ATM service providers have said that the RBI mandate on upgrading software and hardware of ATMs is extremely expensive and may not be economically viable.
Cash withdrawals are rising despite a decline in ATM addition. This brings to the fore fears of a cash-crisis-like situation
“These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs. Currently, the country has approximately 2.38 lakh installed ATMs, as per the latest publicly available figures,” the apex body of the domestic ATM industry said in a statement.
Under the RBI's revised guidelines, liability will be shared by banks and customers depending on the circumstances under which the fraud took place.
The recalibration is a process, in which the cassettes in the ATMs that hold cash are modified to suit the size of the currency.
Two cars, 17 cellphones, two laptops, 20 duplicate ATM cards and more were recovered from the gang, police said.
As per the timeline, banks have to implement a host of security measures by August and upgrade all ATMs with supported version of operating in a phased manner by June next year.
The cash was deposited one day before by the company after which the ATM went out of order, according to reports.
At present, 4.78 lakh of the total 6.08 lakh PoS machines are enabled to dispense cash to bank customers free of charge.
One97 Communications, which owns the Paytm brand, said it has seen a 30 per cent surge in transactions from several cities across India compared to the last month.
ATMs in cities of Uttar Pradesh, Bihar, Andhra Pradesh, Maharashtra and poll-bound Karnataka were either not operating or showed no cash signs, reminiscent of post demonetisation scene. Some ATMs in the national capital too were reported to be out of service.
A visit to areas surrounding state capital Lucknow shows how banks have put up a sign stating that the ATM is out of order. Even guards posted outside the ATMs are giving vague excuses to customers.
The demand for a hike in the rate is being led by private sector banks, while some large public sector lenders are opposed to it because any upward revision in the rate would end up inflating their costs.
There are as many as 45 foreign banks in India, including Standard Chartered Bank, Citibank, Bank of America, Barclays Bank, HSBC, The Royal Bank of Scotland, Deutsche Bank, JP Morgan Chase, DBS Bank, Credit Suisse AG, BNP Paribas, Doha Bank and Qatar National Bank among others.
Average cost of handling a complaint was Rs 3,780 during 2016-17 which was lower than the average cost of Rs 4,396 during 2015-16 on account of increase in complaints.