Monday, 24 February 2014

USE ATM WITHOUT BANK ACCOUNT..............

ATMs To Give Cash Without Bank Account Too. Withdrawing cash from ATM’s needed a bank account earlier but opening  a bank account is not as simple as walking up to a bank teller and handing over crumpled wads of cash; there are lots of decisions to make and confusing banking jargon to wade through, but, now withdrawing cash has been made easy without a bank account.
Recently,Reserve Bank of India Governor Raghuram Rajan announced  that people without bank accounts in India would be able to withdraw money from automated teller machines (ATMs) using  Newsmobile technology.
ATMs To Give Cash Without Bank Account Too
“The central bank recently approved in-principle the setting up of a payment system which would facilitate fund transfer from bank account-holders to those without accounts through ATMs.” Said RBI Governor, Raghuram Rajan.
“Essentially, the sender can have the money withdrawn from his account through an ATM transaction. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM,” said Dr. Rajan.
“Rajan said the move is driven by the lack of having a formal bank account by millions of our countrymen and also explained how the mechanism will work.The sender can have money withdrawn from his/her account through ATM machines. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM,” he said.
“Cashing out is important for remittances, because we have a large recipient population in the country and point is that this system is efficient, fast and reaches people who are unreached at this point and takes care of necessary safeguards such as customer identification, transaction validation, velocity checks etc. We need more such innovative products. I am glad to say that mobile companies are in the process of providing them,”  Rajan added, while delivering the keynote address at the Nasscom India Leadership Forum, here, on ‘Financial inclusion: technology, institutions and policies’.
Calling this as one of the benefits of the modern technology, Rajan added that there was a great opportunity for banks and telecom service providers to come together to deliver mobile banking services of all kinds in a seamless and secure manner to their customers mobile companies are already providing such services and laid emphasis on the need for more such innovative products.
The Nachiket Mor Committee suggests the creation of Payment Banks as a step towards this goal. Other suggestions include interoperable business correspondents who will get the scale economies to serve in remote locations, and the usage of NBFCs as banking correspondents.
“We will examine all this,” Rajan said.