ATMs

As digital payments and UPI gain popularity, Indian banks are cutting down on ATM expansion, especially in off-site locations, and focusing on digital infrastructure

Lender to issue proposal in 45 days, had 63,580 such machines in FY24

This week we report on how to manage finances when you are in a foreign country and how you can earn by translating literature

Industry sources say that only around 40% of ATMs and 20% of bank branches are enabled with AI-led e-surveillance

The Annapurti Grain ATMs will be launched in all the districts of the state

State-owned Punjab & Sind Bank plans to open 100 branches across the country in the current financial year as part of the strategy to expand its reach. During the year, the bank also plans to add 100 new ATMs to its network. "With the addition of 100 branches, the total number of branches would reach 1,665 by the end of 2024-25, and similarly, the number of ATMs would touch 1,135," Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank will continue to focus on branch expansion, and new branches would come up in areas other than the northern region, he said. Besides, he said, the bank also proposes to expand its reach through the Banking Correspondent (BC) channel. The bank plans to more than double its BC network during the current fiscal, he said, adding, that the bank is trying to expand this network to 4,000 by the end of the current financial year against 1,700 at present. The bank is working on customising more products and processes to improve ...

The initial cause of low number of ATMS across India is linked to the "Make in India" guidelines introduced in FY20, which required vendors to establish operations in India, leading to a delay

higher cash withdrawal may cost more

Shri Mata Vaishno Devi Shrine Board (SMVDSB) has inked a memorandum of understanding (MoU) for the installation of nine cloud-enabled health ATMs along the pilgrimage track in the Reasi district of Jammu and Kashmir, an official said on Saturday. The shrine board inked the pact with Hewlett Packard Enterprise for health ATMs and one Telemedicine Studio at Katra, the base camp for the pilgrims visiting the shrine, the official said. He said the move is part of the board's commitment to providing good and easily accessible health care services to the pilgrims. This initiative is being undertaken by the Shrine Board as per the directions of (Lt Governor) Manoj Sinha who is also its chairman, in collaboration with HPE as part of its CSR to enhance Health Care accessibility for the pilgrims, stakeholders, besides, local inhabitants on the yatra track round the clock, the official said. In addition, he said the installation of one telemedicine Studio at Katra shall bridge the gap and ...

The company received the order under its banking automation solutions portfolio; SBI to deploy these "AGS" branded ATMs during FY24

The National Zoological Park in Delhi soon will have the facility to accept international Master and Visa cards for the foreign tourists, officials said on Thursday. Akanksha Mahajan, director of National Zoological Park, said this facility will attract more foreigners to come to the zoo. "We have seen that the foreign nationals, who visit zoo without tourist guide, faced difficulty while doing payment at the ticket counters and later turn back. Most of the foreign tourists come to the national capital during winter season and we want them to visit the zoo as well. For that we have asked the bank officials concerned to update the facility so that tourists having international Visa or Master cards can use it to buy the tickets," Mahajan said. Apart from this, the zoo will also provide unified payments interface (UPI) facility since the digitisation is underway and the society is rapidly moving towards the cashless transactions, she said. "People also requested us to provide them the

Punjab & Sind Bank is aiming for 2,000 branches and as many ATMs in the country in the next three years as part of its strategy to increase touch points and brand visibility. The bank intends to open 50 branches during the current financial year, taking the branch count to over 1,600, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI. The bank added 28 branches in the last financial year, taking the total count to 1,555. "Overall, the branch network would cross 2,000 by the end of three years say by March 2026. The bank is now present in 319 districts of the country. The idea is to have a presence in each district of the country. Tier II and III cities would be the focus area and we will expand presence where the bank is sparsely present," he said. The addition of branches would help mobilise low-cost deposits and also increase penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my ..

State-owned Punjab & Sind Bank plans to double its ATM network to about 1,600 in the next two years to increase its touch points and brand visibility. Besides, the bank also intends to open 50 more branches during the current financial year taking the total network beyond 1,600, Punjab & Sind Bank managing director Swarup Kumar Saha told PTI. The addition of new branches would add to low-cost deposits and help in penetration of loan products, he said. "We are trying to build operational efficiency more so that I can reduce my cost and increase my fee income. We are moving to very granular areas like increasing ATM network, improving digital banking experience," he said. He said ATM network can itself be a profit centre because outside customer pays about Rs 17 per transaction for the use of ATM machine. The bank is in the process of upgrading its core banking solution (CBS) which would help digital journey much better and also bring in efficiency, he said. With regard to ...

Banks and ATMs will reopen on a trial basis in Haryana's Nuh on Monday, a week after clashes broke out in the district over a Vishva Hindu Parishad procession, an official has said. Financial institutions in Nuh, Tauru, Punhana, Ferozepur Jhirka, Pingawan and municipal corporation areas will open for a short window on Monday, the official said. According to an order issued by District Magistrate Dhirender Khadgata on Sunday, it has been decided to open banks and ATMs on August 7 on a trial basis. Financial transactions in banks will take place from 11 am to 2 pm while ATMs will be open till 3 pm. Government offices will also function smoothly on August 7. Employees can enter their workplaces by showing their identity cards. Normality is returning in the district and the situation is under control, Khadgata said. In addition, a free bus service were provided to CET examination centres in five districts -- Kurukshetra, Panchkula, Karnal, Hisar and Panipat -- on Sunday. This service

Bank of Baroda on Monday announced launch of Interoperable Cardless Cash Withdrawal (ICCW) facility wherein a customer can withdraw cash using UPI from the bank's ATMs. "The first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, bob World UPI or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card," the lender said. On selecting the option 'UPI Cash Withdrawal' at a Bank of Baroda ATM, the customer needs to enter the withdrawal amount, post which a QR code is displayed on the ATM screen. Explaining the process, the lender said the customer will scan the QR code using a UPI app enabled for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw the cash from the ATM. If multiple bank accounts are linked to a single UPI ID, ICCW functionality gives customers the option

Banks ask ATM operators to withdraw such notes from cash-dispensing machines

A majority of ATMs, bus stands and state government websites dealing in public utility services in Goa are not disabled-friendly, according to a survey by the Goa Institute of Management (GIM) and CII-YI. The B-School has unveiled the report, which is an outcome of a seven-month-long "survey and audit" on public utility facilities in the state from a disability perspective by its students, a statement said. The report is a part of the B-School's 'Give Goa' initiative, commissioned by the Confederation of Indian Industry Young Indians (CII-YI). V Padmanaban, who along with the other professors mentored the report, said the ATM audit covered hundred randomly chosen cash-dispensing kiosks in rural and urban parts of Goa. The findings indicated that faulty error messages or audio cues, lack of Braille-powered ATMs, improper ramp designs and complicated transactions were major issues, he said. Padmanaban and other fellow professors -- including Mantasha Firoz, Arpita Amarnani and Kings

Will the interchange fee after free transactions increase with the shift to cassette-swap mode?

Move will align cash-handling business with global standards, clamp down on fakes, accounting discrepancies

No instructions have been given to banks for filling or not filling Rs 2,000 notes in Automated Teller Machines (ATMs) as lenders make their own choice for loading of cash vending machines, Parliament was informed on Monday. As per Annual Reports of the Reserve Bank of India (RBI), the total value of Rs 500 and Rs 2,000 denomination bank notes in circulation as at end-March 2017 and as at March-end 2022 was Rs 9.512 lakh crore and Rs 27.057 lakh crore, Finance Minister Nirmala Sitharaman said in a written reply in Lok Sabha. "No instructions have been given to banks for not filling Rs 2,000 notes in ATMs. Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc," she said. Replying to another question, the finance minister said, total amount of the central government debt/liabilities is estimated at about Rs 155.8 lakh crore (57.3 per cent of GDP) as on March 31, 2023. Out of this, she sa