Recently it has been reported that soon the customers without the bank account will be able to withdraw cash from the ATMs. RBI governor announced that with the help of mobile technology, everyone can take the money out from the money dispensing machines.

At present only the people with the bank accounts can withdraw money. Payment systems will be established through which there will be transfer of funds from the people holding bank accounts to people without accounts through ATMs. The intermediary will process the payment and a code will be send to the mobile of the person that will help him to withdraw cash from nearby ATM.

RBI stated that the purpose to startup this facility is avail the efficient and necessary facilities to all the people, there are lot many people who do not hove proper access to financial services. It has been assured that the facility will be completely secure and will take care of consumer’s security, identification, transfer validation etc.