New Delhi, Sept 24 : Next time you go to an ATM to withdraw cash, don't worry about the banknotes getting sucked back by the machine if not collected immediately, as the RBI has asked all banks to immobilise the ‘cash retraction facility'.
At the same time, customers will have to be extra careful in collecting the cash dispensed by the ATM, as they cannot later claim the money from the bank, which was the case when this ‘cash retraction facility' was in place at the ATMs.
Most of the banks, including HDFC Bank, Axis Bank and Canara Bank, have already removed the cash retraction facility from all their ATMs, while the withdrawal process for this facility is under way for the few remaining ATMs.
According to the RBI directions, the banks are communicating to their customers about the withdrawal of this facility, under which the cash goes back into the ATM machine if not collected within a stipulated time, which is generally 10-15 seconds, but varies from one bank to another.
