Comments on RBI to Penalise Banks for non-availability of Cash in ATMs

  • Anand Kumar Bajaj, CEO at PayNearby

  • 12.08.2021 12:00 pm
  • #cash #banks #atm

Mandar Agashe, Founder, Vice-Chairman and MD, Sarvatra Technologies said:

-“With the new regulation of RBI, the uptime of ATMs is likely to increase. Additionally, bank consumers will now be more confident of withdrawal and availability of cash at the ATMs, especially in semi-urban and rural regions. It will eventually boost in usage of debit cards, adding to the increase in the volume and value of digital transactions. Moreover, When cash is not available at the ATM's, there are higher chances of people visiting bank branches for withdrawals leading to a rise in cost. It will also reduce the cost to the bank as people visiting the branch for cash withdrawal will reduce and withdraw money from ATMs. Bank's management will be more vigilant and will concentrate on efficient management of the bank infrastructure.”

Anand Kumar Bajaj, Founder and CEO, PayNearby:

-“The recent announcement by RBI comes as a huge relief to consumers who rely solely on ATMs for cash withdrawals. Institutions need to strengthen their systems to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs and inconvenience to the masses. However, with the shortage of ATMs in many parts of the country, especially in rural regions where even otherwise there is limited penetration, our twin solutions - AePS and Micro ATMs have been playing a vital role. Considering their USPs such as portability, affordability and low maintenance, they have proved very effective in curbing down the infrastructure costs. Now, customers walk into any PayNearby retail outlet and withdraw cash by swiping their debit cards. If they don’t have a debit card, they can use their Aadhaar number and fingerprint to withdraw cash.  These cost-effective and smart cash management tools are playing a critical role towards the objective of ‘digitizing cash’ and adding convenience to customers’ lives at the last mile. At the same time, they are enabling our retail partners to earn more income. It is through these modes that the unbanked and underbanked can be assimilated into the formal economy and the dream of a truly financially and digitally inclusive India can be achieved making Bharat as empowered as the rest of India.”

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