You Won’t Be Able To Use ATM for Any Time Money If This Happens…(India)

any time money

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Many people call the Automated Teller Machine (ATM) as Any Time Money. Now, the main motto of the ATM is the same. Till date, you can withdraw a reasonable amount of money any time of the day. But one decision can change this in the future.

The ATM card you hold gives you the freedom to visit any ATM and withdraw the amount of money (up to the specific limit) for more than once per visit.

But now this may change.

According to several reports, banks are suggesting to limit this to one transaction per visit and then there must be a gap between the visits.

The gap is to be of 6-12 hours. This suggestion has come from the meeting of Delhi State-Level Bankers’ Committee (SLBC).

The suggestion is to reduce the subsequent frauds. Delhi has been facing a number of these incidents in the rush hours of the morning.

People who commit this fraud installs the skimmer device on ATMs and then use the copied data for subsequent transactions.

This change will make you think what’s the use of ATM if you can’t withdraw money any time. Also, what in case of emergencies?

More than this limit of transaction per 6-12 hours, banks want to secure the transaction using OTP (One Time Passwords) as used in online transactions.

Another suggestion is a possible introduction of voice command of removing the helmet if someone enters the ATM room wearing it.

What will be the best solution? Tell us in the comments down below.

Also Read: What Is Scarcity In Economics? Explained With An Example