Banks get to offer more through off-site ATMs

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Mumbai | Published: January 14, 2016 9:43:10 PM

In a move that meant more operational freedom, RBI today allowed banks to offer all their products and services through their off-site ATMs.

raghuram rajan rbiRBI today allowed banks to offer all their products and services through their off-site ATMs. (Reuters)

In a move that meant more operational freedom, RBI today allowed banks to offer all their products and services through their off-site ATMs.

“… banks are now free to offer all their products and services through ATM channels provided the technology permits the same and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on banks or other genuine customers,” RBI said in a notification.

In June 2009 too, the central bank had relaxed norms and permitted lenders to install off-site ATMs at centres or places identified by them without its prior permission.

Currently, the facilities that could be provided at off-site ATMs include deposits/withdrawals, PIN change, request for cheque books, statement of accounts and balance enquiry, among others.
In another notification, RBI said it has been decided to make the necessary changes in Memorandum of Instructions on Project and Service Exports (PEM).

The changes have been necessitated as the ‘Overseas Construction Council of India’ (OCCI) has been renamed as ‘Project Export Promotion Council’ (PEPC).

The changes were also required as civil construction contracts now include turnkey engineering contracts, process and engineering consultancy services and project construction items (excluding steel and cement) along with civil construction contracts.

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