JOIN USDon't fret, your cash is there!
Everyone has had his or her own share of problems with the ATM machines in the City — especially in terms of ATM cards and cash being sucked back into the machine, if not collected in time. However, according to the new RBI direction, dispensed cash will no longer be retracted into the machine if not taken within 15 to 20 seconds.
This has provided a lot of relief to ATM cardholders, especially those who are not so fast in collecting their cash from the counter.
The RBI has directed all banks to immobilise this cash retraction facility. While this has met with approval from most Bangaloreans, some point out that it is an open invitation for the miscreants. “My cash was sucked in once when I was trying to put my ATM card into my purse. By the time I could figure out what was happening, I lost my money. It was very unfortunate, as there is no way of complaining or getting back the money,” says Roni, a professional.
While some banks, like HDFC, have already taken this step, others have been directed to put this system into use soon.
“We will soon immobilise the cash retraction facility at our ATM booths all over the City.
But we implore the customers to be alert and remember to collect the cash, or else their money will be stolen by someone else,” explains Ravi, a bank official.
Some feel that the direction by the RBI will help those who have not been careful with their money.
“It will not make any difference to us who have been using the ATM machines and have gotten used to the whole system. Another problem with cash transactions is that the ATM card sometimes gets sucked in. My card had been sucked in six months back and I was forced to apply for a new one. The procedures to get that card was too tedious since I had a joint account with my father. The latest direction will provide some relief to the first-time user who take some time figuring things out when they go inside the ATM to collect cash the first time,” notes Reben, an MBA student.
Various banks have already put up notices on their ATM screens saying that the cash retraction facility has been immobilised and that people need to be careful while collecting money.
“I have noticed the warning on the screen, it is good that they are displaying the notice. It makes us alert especially when we are collecting money from ATM machines, which are not inside an enclosure like the ones outside the Metro stations,” adds Reben.
Others say that it is useful for senior citizens, who are not that great with the latest technology.
“My mother takes at least five minutes inside the ATM booth. Her money has been sucked in twice as she gets engrossed with doing something else, like pulling out her purse to keep the money safely. Since it was a small amount, we did not incur a big loss. The latest direction by the RBI is a boon in disguise for senior citizens, who don’t need to rush as there will be no fear of losing the money,” says Shikha, a businesswoman.