Bank of India today became the first state-run lender to allow withdrawal of funds from its ATMs without a debit card. The public sect...
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Bank of India today became the first state-run lender to allow withdrawal of funds from its ATMs without a debit card.
The public sector bank has launched a domestic remittance service called 'Instant Money Transfer (IMT)' that allows card-less cash withdrawal from it select ATMs which are tuned for this facility.
Last month, RBI Governor Raghuram Rajan had said that individuals without a bank account will soon be able to receive money from those with bank accounts, using automated teller machines (ATM).
The IMT facility allows a customer to send money to a receiver only by using the receiver's mobile number through the bank's ATM or using internet banking facility. The receiver may withdraw money from designated BoI ATMs without using a debit card.
The receiver would receive partial details for cash withdrawal on mobile phones.
"This service is in line with the RBI's expectation of expanding financial inclusion, wherein fund transfer can happen from account holders to those without accounts through ATMs," BoI Chairperson and Managing Director V R Iyer told reporters here.
Iyer said that some of ATMs are already being made ITM-enabled and the rest will be enabled in 20 days. With this facility, a beneficiary can withdraw up to Rs. 25,000 through IMT transaction on monthly basis while per transaction limit is set up Rs. 10,000.
The sender will be charged of IMT fee of Rs. 25 for every transaction.
Iyer said bank has added 2,100 ATMs in the current fiscal and its total network of ATMs stands at 4,000 as of today. The bank will be adding 100 more ATMs in this week, she said.
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