Advanced debit card
At first, banks used to provide three different types of card to their account holder, that is, ATM card, Debit card and Credit card.
Days passed, banks were issued ATM cum debit card to magnetize customers.
If one have account with different banks, each bank offers card and it’s very difficult for the account holder to keep or maintain or by memorized PIN for all the cards.
In addition, banks are forced to increase the count of ATM to provide service to account holder, due to this, you can find 3-4 ATM’s in one complex.
Finally, Reserve Bank of India (RBI) advised banks not to aggressive to open new ATM’s and come up with new regulation that an account holder can withdraw money from other ATM, that is, where the account holder does not account with the bank.
With the new regulation, account holders are withdrawing their money by using other ATM’s frequently and it hit banker’s profit.
Further regulation by RBI is account holder can withdraw their money by using other bank’s ATM up to five free transactions.
Am expecting RBI may come up with facility that account holder can have account with any banks in India and a common debit card can provide and that service can offer by RBI, as it’s not necessary to memorize PIN for each and every card also all the transaction can be monitor by RBI under direct control.
At first, banks used to provide three different types of card to their account holder, that is, ATM card, Debit card and Credit card.
Days passed, banks were issued ATM cum debit card to magnetize customers.
If one have account with different banks, each bank offers card and it’s very difficult for the account holder to keep or maintain or by memorized PIN for all the cards.
In addition, banks are forced to increase the count of ATM to provide service to account holder, due to this, you can find 3-4 ATM’s in one complex.
Finally, Reserve Bank of India (RBI) advised banks not to aggressive to open new ATM’s and come up with new regulation that an account holder can withdraw money from other ATM, that is, where the account holder does not account with the bank.
With the new regulation, account holders are withdrawing their money by using other ATM’s frequently and it hit banker’s profit.
Further regulation by RBI is account holder can withdraw their money by using other bank’s ATM up to five free transactions.
Am expecting RBI may come up with facility that account holder can have account with any banks in India and a common debit card can provide and that service can offer by RBI, as it’s not necessary to memorize PIN for each and every card also all the transaction can be monitor by RBI under direct control.
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