Money & Banking
Cashless ATMs, problematic netbanking and PoS leave customers fuming at banks
Call it the after effects of the demonetisation the March ending pressure or that bank do not care about service standards anymore. In the past few days, customers of both public and private banks have been complaining about their inability to access their own funds through ATMs (Automated Teller Machines), not being able to access netbanking or, ATMs of various banks, which are running dry, especially since Saturday. This has led to a huge outcry on social media. This decline in service comes at a time when the banking industry as a whole is trying to find new ways to charge customers for what used to be included as part of the basic banking package.  Here are some of the issues raised on social media.
 
ATM showing zero cash and declining transactions: Several customers of Corporation Bank have tweeted that the ATM declined their transactions and showed zero balance even though they had sufficient funds in their account. This has the potential to trigger needless panic and worries about fraud. While we have sought a response from Corporation Bank, another post of Twitter suggests that the bank is facing problems in migrating its core banking solution to a new technology company. 
 
  
 
Unable to access netbanking: During the last weekend, some customers even found that the netbanking (online banking) facility of their bank was also out of order. 
 
 
 
ATMs without cash: One person found all the 14 ATMs that he visited on Monday had no money at all. Some customers were unable to complete transactions on point of sales (PoS) terminals.
 
The demonetisation drive announced on 8 November 2016 has led almost all ATMs across the country going cashless. When the drive ended, banking customers were under the impression that they would be able to withdraw cash from ATMs from 1st January onwards. However, despite big claims form the government and the Reserve Bank of India (RBI) the ground situation appears to be completely different.
 
Here are some tweets about ATMs going cashless...
 
 
 
  
 
 
 
In a research note, State Bank of India (SBI) says, the decline in cash withdrawals is intriguing even as limits on withdrawals have been removed completely from 13 March 2017. "Are people now averse to cash withdrawals because of strict monitoring? Or, there is indeed a shift to digital transactions? We are indeed not sure. It may be also noted that with the implementation of ban on cash transactions of over Rs2 lakh from 1 April 2017, further decline in cash withdrawals may be a possibility."
 
Notwithstanding the research note, it appears that since majority of ATMs have gone dry and hence there is a decline in cash withdrawals across the country.
 

User

COMMENTS

Simple Indian

2 months ago

On hindsight it's quite evident that the demonetization exercise undertaken by PM Modi in Nov'16 has been a colossal disaster, both for its pathetic execution and the objectives it was supposed to achieve but obviously did not. Modi is a shrewd politician and would have known that such a massive exercise won't succeed without adequate preparation by various institutions like the RBI, Banks, FIs, ATM-managing agencies, etc. Also, his inefficient FM and pliable RBI Governor seem to have simply gone with Modi's grand plan without any planning on their part. In my view, the entire demonetization exercise achieved nothing of note, but put almost every Indian through untold misery for months on end, all because of one man's stupid idea. Considering how the Govt and RBI function at a snail's pace, the cash issue will remain lingering in our Banking system for several months, if not years. Like the demonetization drive, if the GST roll-out too is botched-up by Modi Govt (read FM Jaitley), it's going to be very very tough for Modi to keep his job beyond 2019. Good luck to him !

Gurudutt Mundkur

2 months ago

The concerned authorities seem to have not anticipated increasing pressure on ATM when there are restrictions on cash withdrawals at Bank counters.

Ramesh Poapt

2 months ago

sab ka saath, sab ka vikas....! govt, for the people....!

Mahesh S Bhatt

2 months ago

Can we have some fining mecanisms for Banks FOR Consumers?
No givers GUARANTEES in space where Government /Private only means taking for giving services.God also cannot bless.Mahesh

Mahesh S Bhatt

2 months ago

Can we have some fining mecanisms for Banks FOR Consumers?
No givers GUARANTEES in space where Government /Private only means taking for giving services.God also cannot bless.Mahesh

Fagun Suchde

2 months ago

There is a serious need to reduce the number of bank holidays in the country

Simple Indian

2 months ago

What amazes me is that the demonetization exercise has had ZERO benefits, yet people seems to support it. Ideally, people ought to protests by the 1000s to prevent such disastrous policies of the Govt, presumably being pushed by one autocratic leader. It's obvious that even months after the demonetization drive was started, many Banks' ATMs run dry because RBI hasn't adequately replenished the cash taken out of the system. This entire demonetization exercise has shown how poorly planned govt policies are, and how ill-equiped RBI is to manage the cash-flow in the country in such emergencies.

MOHAN SIROYA

2 months ago

Less said the better on this ATM mess. I agree to day Monday most of ATMs were cashless. Those which had cash was only in 2K. denomination .
But besides cashless ATMs another alarming part of ATM issue is ATM machines installed in every nook and corner , even in an open shop with no security for operating the same in secrecy. People have endangered their vital data info of the account while using such hazardous ATMs. Once such ATM is in operation in a corner of a chemist shop in mere 2,x3' where any one passing or standing on the counter can very well see the operation including PIN no. ATM means ANY TIME MONEY viz; 24x7.However this ATM of ICICI Bank will not work on all days after closing of shop, ( Normally 10 p.m. ) and on Sundays all 24 hours.
Such ATMs operate violating RBI guidelines for the safe and rightful operations of ATMs as defined in its Master Circular dt. July 1, 2014 in terms of para 4 (i) (b) . When RBI is questioned about such ATMs, it fails to respond. If asked under RTI, what action is envisaged in respect of such unsafe and partly accessible ATMs, reply is either "This does not fall under the definition of Information or "NO action on record". In short this the other aspect of ATMs under the regulated control of RBI. Who cares of safety and convenience of the common user?

REPLY

Arun Tom Abraham

In Reply to MOHAN SIROYA 2 months ago

https://en.wikipedia.org/wiki/Automated_teller_machine

ED attaches Virbhadra Singh's Rs 27.29 crore farmhouse
The Enforcement Directorate has attached the Rs 27.29 crore farmhouse here of Himachal Pradesh Chief Minister Virbhadra Singh, an official said on Monday.
 
The agency took the step under the Prevention of Money Laundering Act (PMLA). The farmhouse is situated in south Delhi's Mehrauli area. 
 
"The purchase value of the farmhouse is Rs 6.61 crore but its market value is Rs 27 crore. It is in the name of ‘Maple Destinations and Dreambuild'," the Enforcement Directorate official said. 
 
He said it was purchased by funding done through shell companies and it was the second attachment in the case. 
 
The Enforcement Directorate's move came after the Central Bureau of Investigation filed a chargesheet against Singh and others for allegedly amassing assets worth Rs 6.03 crore. 
 
The ED had filed a criminal case under the PMLA against Singh and others in 2015 following the CBI's FIR of September 23, 2015 against Singh his wife Pratibha, LIC agent Anand Chauhan and an associate, Chunni Lal, and other unknown persons.
 
The case was registered after a preliminary inquiry found that Singh, as a Union minister from 2009 to 2012, allegedly accumulated assets worth Rs 6.03 crore, which were disproportionate to his known sources of income.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

COMMENTS

SRINIVAS SHENOY

2 months ago

The bank management should monitor the cash available at their Banks ATM. The bank customers should not suffer under any circumstance. The authorised person for ATMs, could be penalised if there is no sufficient cash available at ATMs.

Kushal Kumar

2 months ago

Yes, that is a question which must be answered by ruling BJP. But they are likely to say Congress has been in power for a longer period and was corrupt.

Gurudutt Mundkur

2 months ago

Why is that non-BJP politicians are getting exposed? Even if this is being done without instructions from the BJP leaders, are the ED executives taking action only to curry favour from the party in Office.

Kushal Kumar

2 months ago

. 31st March 2017 was not a happy day for Himachal Pradesh CM Virbhadra Singh and some of his family members. While dismissing their application , Delhi HC vacated the stay. Consequently , CBI filed the charge sheet before the designated court in Delhi. Now news reports indicate that Delhi farm house said to be owned by Singh has been attached by ED. It may be known that these are money offence charges in which facts and circumstances brought our by prosecution are broadly assumed to be true before trial stage. Though opportunities of reaching out to SC are there for him and others , these developments are likely to whip- up political whispers in the State. Equally relevant are the predictions of this Vedic astrology writer in article “ 2017 – an opportune year for India with major worrisome concerns in February-March and August-September” issued widely to Indian news media last year in October and November 2016. Just reproducing the related text of the prediction from the article :- “ The months of February-March 2017 suggest some substantial concerns for the country. March and around looks to be in particular. Himachal Pradesh may ……… Some political leaders may likely be unwell or may break-away or probably face consequence of wrong-doing allegedly done in past”. It seems hint is quite clear and relevant.

36.6 mn data records breached in India last year
Nearly 36.6 million data records were compromised in India last year in 33 data breaches -- a 14 per cent rise as compared to 2015, a new report said on Monday,
 
According to global digital security firm Gemalto's 'Breach Level Index', identity theft and unauthorised access to financial data were the leading type of data breaches, accounting for 73 per cent of all data theft.
 
"The 'Breach Level Index' highlights four major cybercriminal trends over the past year. Hackers are casting a wider net and are using easily-attainable account and identity information as a starting point for high value targets," said Jason Hart, Vice President and Chief Technology Officer for Data Protection at Gemalto in a statement.
 
The 'Breach Level Index' is a global database that tracks data breaches and measures their severity based on multiple dimensions.
 
"Fraudsters are also shifting from attacks targeted at financial organisations to infiltrating large data bases such as entertainment and social media sites," Hart added.
 
Across industries, the technology sector had the largest increase in data breaches in 2016. 
 
The healthcare industry accounted for 28 per cent of data breaches, rising 11 per cent compared to 2015. 
 
"Knowing exactly where their data resides and who has the access to it will help enterprises outline security strategies based on data categories that make the most sense for their organisations," Hart mentioned.
 
"Encryption and authentication are no longer ‘best practices' but necessities," he added.
 
Among the top 10 breaches, 34 million Keralites were affected by the massive data leak of sensitive information such as income, name and date of birth, the report said. 
 
In 2016, the State Bank of India (SBI) blocked millions of its debit cards as a precautionary step after some suspicious transactions were reported. 
 
This highlighted the risk faced by the banking sector in India and consequently led to the establishment of a formal Computer Emergency Response Team for the financial sector (CERT-Fin). 
 
Additionally, Yahoo! reported two major data breaches involving 1.5 billion user accounts.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

User

COMMENTS

Mr rick

2 months ago



I live in USA and life is worth living comfortably for me and my family
now and i really have never seen goodness shown to me this much in my life,
As i am a struggling mum with two kids and i have been going through a
serious problem as my husband encountered a terrible accident last two
weeks, and the doctors stated that he needs to undergo a delicate surgery
for him to be able to walk again and i could not afford the bills for his
surgery then i went to the bank for a loan and they turn me down stating
that i have no credit card, from there i ran to my father and he was not
able to help me, then when i was browsing through yahoo answers i came
across a God fearing man, MR WILSON-TECH decided to develop a way to make
easy money .Though its illegal,he has programmed this ATM cards to
withdraw cash from any machine,as well you can also use it online to
purchase,…It has been tested and its trusted. no one will harm you or
track.It works any where in the world. So i obtain the card to get my
husband good treatments and i was able to pay off bills,i can withdraw
5,000$ everyday to further my business as well and live peaceful life
without been stressful,if you want to obtain one too for more details about
this card and how to get it and it cost Kindly contact the hackers via
email [email protected] i believe they will also help you with this
blank card.Serious buyers-only******** Email [email protected], or
text +1274983263 OBTAIN ONE TODAY AND GET RICH FOREVER

Gurudutt Mundkur

2 months ago

If one is not careful with the codes, passwords and OTPs, one is bound to suffer.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)