Reserve Bank sets up panel to examine ATM charges, fees

The Reserve Bank of India has constituted a high-level committee under IBA Chief V G Kannan to examine ATM charges and fees by banks. The six-member panel will review the existing structures and patterns of costs,charges and interchange fees for ATM transaction. The committee will also review the overall patterns of usage of ATMs by… Continue reading Reserve Bank sets up panel to examine ATM charges, fees

Skimming: how devices at ATMs can steal data, help criminals clone cards

Recently,Delhi police had found that Rs 19 lakh had been fraudulently withdrawn from 87 accounts in three ATMs in a span of seven days. This was done with the help of skimming. Skimming is a procedure in which criminals clone ATM cards with stolen data.A skimmer is a device designed to look like and replace… Continue reading Skimming: how devices at ATMs can steal data, help criminals clone cards

SBI launches cardless ATM withdrawals

State Bank of India (SBI) has launched YONO Cash app using which customers can withdraw money from ATMs without using a card.It is a part of SBI’s digital banking platform,You Only Need One (YONO).The ATMs enabled for this service will be termed as Yono Cash Point. Customers can initiate the cash withdrawal process on the… Continue reading SBI launches cardless ATM withdrawals