Friday 7 April 2017

7 APRIL 2017 ATM-NO CASH-BANKS SHUTTERS-NO CASHLESS TRANSACTIONS POSSIBLE-WHOM TO BLAME


MONEY & BANKING
Economy & Nation
Cashless ATMs, problematic netbanking and PoS leave customers fuming at banks
Moneylife Digital Team
03 April 2017 8
Call it the after effects of the demonetisation the March ending pressure or that bank do not care about service standards anymore. In the past few days, customers of both public and private banks have been complaining about their inability to access their own funds through ATMs (Automated Teller Machines), not being able to access netbanking or, ATMs of various banks, which are running dry, especially since Saturday. This has led to a huge outcry on social media. This decline in service comes at a time when the banking industry as a whole is trying to find new ways to charge customers for what used to be included as part of the basic banking package.  Here are some of the issues raised on social media.
ATM showing zero cash and declining transactions: Several customers of Corporation Bank have tweeted that the ATM declined their transactions and showed zero balance even though they had sufficient funds in their account. This has the potential to trigger needless panic and worries about fraud. While we have sought a response from Corporation Bank, another post of Twitter suggests that the bank is facing problems in migrating its core banking solution to a new technology company. 
  
Unable to access netbanking: During the last weekend, some customers even found that the netbanking (online banking) facility of their bank was also out of order. 
ATMs without cash: One person found all the 14 ATMs that he visited on Monday had no money at all. Some customers were unable to complete transactions on point of sales (PoS) terminals.
The demonetisation drive announced on 8 November 2016 has led almost all ATMs across the country going cashless. When the drive ended, banking customers were under the impression that they would be able to withdraw cash from ATMs from 1st January onwards. However, despite big claims form the government and the Reserve Bank of India (RBI) the ground situation appears to be completely different.
Here are some tweets about ATMs going cashless...
  
In a research note, State Bank of India (SBI) says, the decline in cash withdrawals is intriguing even as limits on withdrawals have been removed completely from 13 March 2017. "Are people now averse to cash withdrawals because of strict monitoring? Or, there is indeed a shift to digital transactions? We are indeed not sure. It may be also noted that with the implementation of ban on cash transactions of over Rs2 lakh from 1 April 2017, further decline in cash withdrawals may be a possibility."
Notwithstanding the research note, it appears that since majority of ATMs have gone dry and hence there is a decline in cash withdrawals across the country.
  

User

COMMENTS

Gurudutt Mundkur

3 days ago

The concerned authorities seem to have not anticipated increasing pressure on ATM when there are restrictions on cash withdrawals at Bank counters.

 REPLY

Ramesh Poapt

3 days ago

sab ka saath, sab ka vikas....! govt, for the people....!

 REPLY

Mahesh S Bhatt

3 days ago

Can we have some fining mecanisms for Banks FOR Consumers? 
No givers GUARANTEES in space where Government /Private only means taking for giving services.God also cannot bless.Mahesh 

 REPLY

Mahesh S Bhatt

3 days ago

Can we have some fining mecanisms for Banks FOR Consumers? 
No givers GUARANTEES in space where Government /Private only means taking for giving services.God also cannot bless.Mahesh 

 REPLY

Fagun Suchde

3 days ago

There is a serious need to reduce the number of bank holidays in the country

Through the Finance Act 2017, the government has banned cash transactions of over Rs 2 lakh.
Through the Finance Act 2017, the government has banned cash transactions of over Rs. 2 lakh.


New Delhi: Ban on cash transactions in excess of Rs. 2 lakh will not be applicable to withdrawals from banks and Post Office savings accounts, the Income Tax Department said on Wednesday. Through the Finance Act 2017, the government has banned cash transactions of over Rs. 2 lakh and said a penalty of an equal amount would be levied on the receiver. In a clarification on the newly-inserted Section - 269ST - in the Income Tax Act, the Central Board of Direct Taxes (CBDT) said the restriction will not apply to withdrawal from banks and Post Offices.

 "It has also been decided that the restriction on cash transaction shall not apply to withdrawal of cash from a bank, co-operative bank or a post office savings bank," the statement said.

 It said necessary notification would be issued in this regard.


In the 2017-18 Budget, Finance Minister Arun Jaitley had proposed to ban cash transaction of over Rs. 3 lakh. This limit was lowered to Rs. 2 lakh as an amendment to the Finance Bill, which was passed by the Lok Sabha last month. The restriction is also not applicable to any receipt by government, banking company, post office savings bank or co-operative bank, said CBDT, the apex the policy-making body of the Income Tax Department.

The move to ban cash transactions above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy. According to the rule, no individual can deal in cash in excess of Rs. 2 lakh on a single day, in respect of a single transaction or in respect of transactions relating to one event or occasion from an individual.

The Finance Act also provides that any capital expenditure in cash exceeding Rs. 10,000 will not be eligible for claiming depreciation allowance or investment-linked deduction.

Similarly, the limit on revenue expenditure in cash has been reduced from Rs. 20,000 to Rs.10,000.

In order to promote digital payments in case of small unorganised businesses, the rate of presumptive taxation has been reduced from eight per cent to six per cent for the amount of turnover realised through cheque/digital mode.


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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Story first published on: April 06, 2017 14:22 (IST)
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