Till now, All ATMs are entertaining us with a good facility called Cash Retraction. Now many will ask “What is Cash Retraction ?” and Why Cash Retraction is Disabled ?It means, If you withdraw cash and forget to collect the same then the cash is taken back by the ATM and same is credited to your account. So, There is a less chance of fraud or loosing money.
But the same is not the case now. RBI directed all the bank to withdraw this facility and now It’s the responsibility of the customer to manage his cash. If the person is failed or forget to collect cash, then the same cash will be available to the next person coming to withdraw money. RBI clearly stated that, It is a sole responsibility of customer in case of fraud or money loss.
So Long Story short, Just don’t forget to collect cash, otherwise nobody is gonna here you from now onwards..!
Why Cash Retraction is disabled by RBI ?
The reason behind immobilization of this feature is, people were misusing this feature .!
How people was misuing Cash Retraction Facility ?
Suppose you go to ATM and withdraw 5,000 Rs. ATM gives you 5 notes of 1,000Rs each. Now when the cash is dispensed, you hold 3 notes of five and after15 seconds 2 notes get retracted by ATM. Now you go to the branch and claim for non-receipt of cash! The ATMs dont have capability to count the retracted cash and report the same to Branch or Bank.
This is the reason why Cash Retraction has been disabled.
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