Banks disable cash retraction system from all ATMs

Banks disable cash retraction system from all ATMs

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The banks in India have now removed the system of cash retraction from the ATMs. Initially the system had enabled the system to take back the cash if it was not removed within a certain time.

The system was withdrawn last week after the Reserve Bank of India agreed to National Payments Corporation of India’s proposal for removing the feature from all the ATMs. The feature has been removed after the increasing number of fraudulent claims about non-receipt of cash. The banks have also posted messages on their website that the system has been disabled. The RBI had earlier received complaints about people trying to defraud the banks by holding on to some withdrawn currency notes in ATMS and then claiming the non-receipt of cash after the machine takes back the rest.