NEWS & ADVICE : CREDIT CARDS
RBI permit banks to install ATMs offsite
By Ankit Sharma
Jun 16, 2009
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The financial regulator, the Reserve Bank of India has authorised the scheduled commercial banks to install ATM machines at their discretion at site they consider apt, without seeking its formal permissions.

Prior to this approval, the banks could install the ATM machines without the permission of the regulator only at their respective branches or extension counters.

The move is in coherence with the statement made by the bank in its annual policy for the current year-"Permits Scheduled Commercial Banks to install off-site ATMs at centres/places identified by them, without having the need to take permission from the Reserve Bank in each case," as the statement said.

Under the new directive, the banks are however required to submit the details of the off-site installation in the ‘terms of general permission' to the respective regional offices. The central bank also reserves the right to issue any directions regarding the such off-site installations, including shifting or movement of any such machine.

RBI has also asked the banks which provide cash deposit facility at the ATMs, to take necessary steps to protect the interests of both, the customers and the banks. These include security measures like password access and identification of depositor, when forged or defective notes are found.

Earlier, the regulator had asked the banks to adopt additional security measures for online debit and credit card transactions.

With increased use of the ATM machines, banks have been reconsidering branch expansion. Banks have been working towards expansion of ATM networks to earn more revenue through increased ATM usage.

 


(Comments Posted : 59) Post Your Comments
1. I have excellant space for atm in Kavadiguda, x road, Hyderabad - 500003.It is a four side road and opp to marriott Hotel. Just need installation of ATM Machine. call 9491379935
vishal singh (Posted: Oct 5, 2017)
2. Sir, I have Commercial space for rent or lease in ground floor, 35f't wide commercial road good location in Uttam Nagar East Market, Near: Holly Public School This is 174/sq.ft area built with marble flooring or suiatable for Bank ATM only.
Cont me. 9810264445
Harpreet Singh (Posted: Oct 4, 2016)
3. My name is vinay have a space for atm machine in shahpur jat village in south Delhi there is no machine around my house I have a space of 450 square feet
Vinay kaushik (Posted: Jun 9, 2016)
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