The Reserve Bank of India has allowed banks to provide their complete suite of products and services via off-site automated teller machines (ATMs).
The regulator had earlier allowed all services to be offered at onsite ATMs or ATMs located on the premises of bank branches.
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"With a view to providing operational freedom to banks, it is advised that banks are now free to offer all their products and services through the ATM channels, provided the technology permits the same, and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on the banks/other genuine customers," the regulator said in a notification.
The services that will now be offered at off-site ATMs include deposits/withdrawals, PIN change, request for cheque books, statement of accounts as well as balance enquiry.
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By GlobalData
