Beware of ATMs!!!!!!!Cash Retraction in Indian ATMs withdrawn.

 The Reserve Bank of India (RBI) has asked banks to disable their cash retraction facility at ATMs.
             Cash retraction is a facility availed in which when we use an ATM card to withdraw cash it takes a few  minutes for the cash to come out.This time window varies from bank to bank.If we don't collect the money the ATM swallows the cash and keeps it in a separate tray in the machine.The amount is re-credited to the account after a while.
              But from now on,if you fail to collect the cash,the ATM wont retract.Instead the money will remain at the mouth of the ATM machine.Hence if we forget to collect the cash,someone else can take it.HDFC and Axis banks have already posted these notices on their ATM screens and websites.The people should collect the cash as soon as it is dispensed.
 So, the next time you are at the ATM, be careful or you might  make the person standing behind you in the queue, richer.

Deciphering the banking sector

       “India cannot have a healthy economy without an effective and a sound  banking system.”

        India’s banking system has reached several outstanding achievements. I think the prime reason for the enormous growth of India is due to the location of banks in the remote corners of the country. The country’s banking system is very structured. The Reserve Bank of India stands first in the hierarchy. Being called as the “Banker’s bank” it is the central bank which formulates, implements and monitors India’s monetary policy. It has a majority stake in the State Bank of India.

        This blog focusses on the modern banking sector which has abundant facilities like e-banking, establishment of ATMs, introduction of credit and debit cards and much more. The facility of internet banking enables the person to access his account from any corner of the world. Hence the modern banking system has revolutionised the choices available with the customers. But the banking sector reforms are still not complete. A lot more is required to revamp the public sector banks. The option of allowing foreign direct investment beyond 50 % in the Indian banking sector has also been under consideration. Many industrial sectors are based on the banking system. The growth and the future prospects of the Banking industry will also be discussed in the upcoming posts.