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Banks get to offer more through off-site ATMs

Currently, the facilities that could be provided at off-site ATMs include deposits/withdrawals, PIN change, request for cheque books, statement of accounts and balance enquiry, among others.

By: ENS Economic Bureau | Mumbai | Published: January 15, 2016 1:34:04 am

The Reserve Bank of India has allowed banks to offer all their products and services through their off-site ATMs.

“Banks are now free to offer all their products and services through ATM channels provided the technology permits the same and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on banks or other genuine customers,” the Reserve Bank said.

Currently, the facilities that could be provided at off-site ATMs include deposits/withdrawals, PIN change, request for cheque books, statement of accounts and balance enquiry, among others.

In another notification, the RBI said it has been decided to make the necessary changes in Memorandum of Instructions on Project and Service Exports (PEM). The changes have been necessitated as the ‘Overseas Construction Council of India’ (OCCI) has been renamed as ‘Project Export Promotion Council’ (PEPC).

The changes were also required as civil construction contracts now include turnkey engineering contracts, process and engineering consultancy services and project construction items (excluding steel and cement) along with civil construction contracts.

It also said that it has not accepted any offer for the repurchase of inflation indexed bonds (IIBs) maturing in 2023. Last week, the Reserve Bank had said the government would be repurchasing the not-so-successful inflation indexed bonds (IIBs) maturing in 2023 through a reverse auction on Thursday at face value.

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