Withdraw Money From Bank of India ATMs Without an Account - The Times of India

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3/26/2014 Withdraw money from Bank of India ATMs without an account - The Times of India http://timesofindia.indiatimes.com/business/india-business/Withdraw-money-from-Bank-of-India-ATMs-without-an-account/pmarticleshow/32657141.cms?prtpag… 1/2 Withdraw money from Bank of India ATMs without an account Tweet 37 The receiver would receive partial details for cash withdrawal on mobile phones. PTI | Mar 25, 2014, 01.38PM IST MUMBAI: Bank of India on Tuesday became the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank. 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 city-based bank launched a domestic remittance service called 'Instant money transfer (IMT)' that allows cardless cash withdrawal from it select ATMs which are tuned for this facility. The IMT allows a customer to send money to a receiver only by using the receiver's mobile number through the bank's ATM or using retail 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 IMT transaction, he or she issues to a receiver or beneficiary. 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. Gulf airlines defend female cabin crew policies Genetically modified crops hold the key to food security Gems and jewelry bourse to come up in Jaipur FEATURED ARTICLES Printed from More from The Times of India Virat Kohli can be better than Sachin Tendulkar: Kapil Dev 25 Mar 2014 I’m more Malayali than MOST others 06 Mar 2014 Will pay Rs 20,000 crore to Sebi within one year: Sahara's fresh proposal… 25 Mar 2014 Free sex for Nikita 15 Mar 2014 Neetu Chandra makes a shocking confession 03 Mar 2014 I will try my best to get Big B to my bedroom: Bua 25 Mar 2014 Recommended by

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Withdraw Money From Bank of India ATMs Without an Account - The Times of India

Transcript of Withdraw Money From Bank of India ATMs Without an Account - The Times of India

  • 3/26/2014 Withdraw money from Bank of India ATMs without an account - The Times of India

    http://timesofindia.indiatimes.com/business/india-business/Withdraw-money-from-Bank-of-India-ATMs-without-an-account/pmarticleshow/32657141.cms?prtpag 1/2

    Withdraw money from Bank of IndiaATMs without an account Tweet

    37

    The receiver wou ld receive partial detai ls

    for cash withdrawal on mobile phones.

    PTI | Mar 25, 2014, 01.38PM IST

    MUMBAI: Bank of India on Tuesday became the

    first state-run lender to allow withdrawal of funds

    to individuals from its ATMs without an account in the bank.

    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 city-based bank launched a domestic remittance service called 'Instant money transfer (IMT)' that allows

    cardless cash withdrawal from it select ATMs which are tuned for this facility.

    The IMT allows a customer to send money to a receiver only by using the receiver's mobile number through the

    bank's ATM or using retail 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 IMT transaction, he or she issues to a receiver or beneficiary.

    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.

    Gulf airlines defend female

    cabin crew policies

    Genetically modified crops

    hold the key to food security

    Gems and jewelry bourse to

    come up in Jaipur

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