HDFC Bank to stop paper slips

To send detailed SMSes of ATM use

The second largest private sector lender HDFC Bank has decided to discontinue issuing slips after cash withdrawals at ATMs and will alert the customer through SMSes.

“We have decided to discontinue issuing receipts after cash withdrawals. The SMS which will be sent will have detailed information on the withdrawn amount and the balance in  account,” a senior bank official said.

The bank is piloting the initiative at a few ATMs at present and will roll out the same across its network of over 11,700 ATMs by the end of June, the official added.

Cash withdrawals account for the bulk of transactions at ATMs and the bank witnesses an average of 2 crore cash withdrawals every month at its ATMs.

When asked about the benefits for the bank, the official said the switch to paperless mode will help it save under Rs 10 crore a year spent on paper.

At present, customers are given a choice on whether they want a printed receipt or not.
However, much of the receipts get discarded as soon as they come out and if not disposed off in the right way, also pose a security risk as they contain private information.
This is a part of the digital initiative for the bank, under which it had last year launched the ‘Green PIN’ scheme wherein card-users were given the PIN numbers electronically rather than in a printed kit, the official said.

The official pointed out that customers of other banks who use HDFC Bank’s ATMs will also not get the receipt as sending the SMS is mandatory for any bank.
HDFC Bank added around 500 machines last year.