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The Reserve Bank of India has acceded to the proposal by National Payments Corporation of India regarding removal of cash retraction system from ATMs.

The retraction system enables the machine to engulf the withdrawn currency by the customer, if it is not removed within a certain time period.

However, several complaints have been reported where people held some notes outside and when the machine has sucked in the currency they would claim for a refund. The decision is taken in the light to avoid any such instances from occurring.

The Executive Director of RBI, Mr. G. Padmanabhan said, “Of course due notice will be given to all customers. So remember, hereafter if you are careless to walk away from an ATM forgetting to collect your cash, it is lottery for the next user.”

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