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ATM Cash Retraction Functionality to Be Disabled Soon

India is a great country where people get ways and means to circumvent laws for their benefit. However this cash retraction facility of an ATM machine was of use for all those people who have a tendency to forget.

Cash retraction means that if the amount is not collected from ATM slot with in specified machine, the amount is gobbled by machine and one need to collect cash from the bank.

Howevr fraudlent cases have come to light where people kept on holding few notes when the cash is being gobbled by the ATM and than they used to claim amount from the bank. Reserve Bank of India (RBI) has agreed to National Payments Corporation of India's proposal of removing the feature from all the ATM machines.

RBI’s decision was also influenced by a recent, successful pilot project involving ATM machines that did not have the cash retracting functionality. The project is said to have been extremely effective in curbing the misuse.

Viamedia

This is a good feature and to curb frauds, all ATMs should have the live recording facility round the clock and the perpetuator of the crime should be punished with evidence and we will have no misuse after exemplary punishment.

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