Business Standard Newspaper Review
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Published: October 28, 2006
ATM transactions on the rise!Automatic Teller machines are often thought to be just cash dispensing machines or a point to check the balance in our bank account at our convenience. But now, more and more people trust this gizmo to deposit their cash and cheques according to a recent ATM user’s survey conducted by Banknet India.Out of three hundred persons who participated in the survey, sixty-four per cent users were comfortable with depositing cash and cheques in an ATM. This, perhaps, reflects a change in people’s mindset towards trusting the safety of these machines and accepting the norms of the bank staff counting the notes in their absence. However, customers also complained about the non-availability of envelopes to stuff cash at ATMs. While the ATM usage is on the rise, customers have some problems in using these machines. Waiting in long queues at ATMs remains a bugbear. This indicates the urgent need for installing additional machines at high-demand areas.The limit on daily cash withdrawal is another major problem that ATM users often complain about. Perhaps the lack of wide acceptance of debit cards at many shops and outlets makes people to resort to cash withdrawal for their need, the survey found. About 95% of the respondents preferred banking through ATMs over conventional branch banking. Over two-thirds of persons used ATMs more than once in fifteen days.Now, people are less hesitant towards the use of ATMs for usual services.
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