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  I provides 24Hrs service I gives convenience to bank's customers I reduces the workload of bank's staff I provide service without any error I am very beneficial for travellers I may give customers new currency notes I provides privacy in banking transactions Hi, friends WELCOME TO ALL  –   I am AUTOMATED TELLER MACHINE  The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank of India is the highest policy making body on payment systems in the country. The BPSS is empowered for authorising, prescribing policies and setting standards for regulating and supervising all the payment and settlement systems in the country. The Department of Payment and Settlement Systems of the Reserve Bank of India serves as the Secretariat to the Board and executes its directions. In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007 . The PSS Act as well as the Payment and Settlement System Regulations, 2008 framed there under came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than the Reserve Bank of India (RBI) can commence or operate a payment system in India unless authorised by RBI. Reserve Bank has since authorised payment system operators of pre-paid payment instruments, card schemes, cross-border in-bound money transfers, Automated Teller Machine (ATM) networks and centralised clearing arrangements. BACKGROUND  The list of 'Payment System Operators’ authorised by the Reserve Bank of India to set up and operate in India under the Payment and Settlement Systems Act, 2007 are as under: 1.Financial Market Infrastructure - The Clearing Corporation of India Ltd 2.Retail payment organisations  –  National Payments Corporation of India (NPCI) 3.Cards payment networks  –  Mastercard, Dinner, VISA etc., 4.Cross Border money transfer (In ward)  –  MoneyGram, Western Union etc., 5.ATMS    –  Bank of India, Fedral Bank Ltd., NPCI , PNB, SBI etc., 6.Pre Paid payment instruments  –  Airtel, Citrus, Atom etc., 7.White Lable ATM Operators  –  AGS, Muthoot, TCS etc., As AP State Cooperative Bank is having membership with NPCI, the DCCBanks shall avail Sub Membership through APCOB as individual DCCBanks may not comply the norms prescribed for membership  A withdrawal by a customer, using an ATM, constitutes a real time withdrawal by such customer out of their own account. ATMs may either belong or be contracted to the bank holding the account of the customer or another bank A transaction initiated at an ATM is immediately passed on to the bank where the customer’s  account is held together with the PIN encrypted format. The paying bank (customer’s  bank) has the capability through its security system to verify the correctness of the PIN without the PIN ever being exposed to anybody during the process. Having verified the PIN and ensured that the customer has sufficient funds in the account to cover the requested withdrawal, the customer's bank (authorising bank) will debit the account of the customer, then send a message, via SWITCH (if across banks), through the bank controlling the ATM, authorising the amount requested be paid out. The ATM would then proceed with dispensing of the authorised amount if it contains sufficient bank notes to make the payment. TRASACTION AT AN AUTOMATED TELLER MACHINE


Jul 23, 2017
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