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RBI to Enable ATM Withdrawal Sans Bank Account
Posted on: 13/Feb/2014 4:16:57 PM
Reserve Bank of India Governor, Mr. Raghuram Rajan said that people without bank accounts in India would be able to withdraw money from automated teller machines (ATMs).
The RBI has recently approved the in-principle setting up of a payment system that will allow funds transfer from bank account holders to those who do not have accounts through ATMs. He was addressing a Nasscom function on Wednesday.
The sender can have the money withdrawn from his account through an ATM transaction. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM.
The system will take care of necessary safeguards of customer identification, transaction validation, velocity checks etc.
Rajan also expressed concern over the methodologies being used to determine the value of virtual currencies like Bitcoin. The RBI is presently studying the issue.In late December, the central bank had warned on the dangers of investing in virtual currency.
He also warned against fraudulent emails that are being sent under his name asking people for their bank account details.
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