Reserve Bank Of India Introduces New Guidelines For ATM Transactions

For cash-withdrawals, we generally get to see two types of ATM Machines around us. First type of ATMs allows just one transaction for every swipe. If you are to make multiple transactions, you have to insert your card and enter your PIN as many times. The other second type of ATMs requires just one swipe and an ATM PIN entry just once(and it swallows the card inside :-), irrespective of the number of transactions you are going to make in that session. At times, punching your ATM PIN multiple times can get annoying, so for obvious reasons, we prefer the 2nd type of ATMs, as its more convenient. But, this is soon going to change in the new year 2011.

Starting from 1st January 2011RBI(Reserve Bank Of India) has introduced a new guidelines for all banks, offering ATM services to its customers. As per this new mandate, you will need to re-enter your ATM PIN for every additional ATM transaction in a single session. So even at these 2nd type of ATM Machines, you have to enter the correct ATM PIN for every transaction, that you are going to make in that session.

Do you think, this will help us in any way ?? Here is a hypothetical scenario, where this rule will save you from disaster. Say you are in a hurry. You just made a transaction and left the ATM, without realizing that your ATM Card is still retained inside the Machine. The next person, who is in the queue, will utilize this opportunity and can cause all sorts to damage to you, he can withdraw your hard-earned money. But with this new guideline in place, even if you forgot to collect your ATM card, you will be saved :-). Simply because, its expecting your correct PIN for every transaction !!

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