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Banks disable ATM cash retraction feature due to fraud

Submitted by Karthik on 24 September, 2012 - 00:56

The RBI has asked all banks to disable the cash retraction facility that is a feature in all ATMs. This facility ensures that if a customer forgets to collect his cash and leaves the ATM, then the machine will suck the currency notes back in and credit the appropriate amount back into the customer's account. However, the RBI has noted that banks were reporting a number of instances where this feature was being abused by frauds:

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