COMMENTS NO: YEAR/2015/1027

"ROYAL FINANCE MINISTER:'We are planning to install two AUTOMATED CASH MACHINE (ACM) in each and every Branch of PSU Banks in India. When the Branch opens at 10 AM, the Head Cashier/Cash Officer must take out the cash from vault and then need to install the cash to ACMs. A customer will enter the Bank and will take a token from the 'Reception/May I Help you' section of the Branch. The tokens will look like the plastic tokens of Metro Railways with a bar coded number printed on it. As a customer, you just need to insert the token in the ACM. Automatically, a screen will come and will ask for options of CASH PAYMENT or CASH RECEIPT. Just select the appropriate screen and enter your SB/CA/OD/CC Account Number and then the amount. If you insert any fake note in the ACM, it will eject out that note and a alarm will start ringing and will not accept that fake note under any circumstances. If you are doing a cash receipt or cash payment of Rs. 50,000/- or more, then you have to enter your Valid PAN Number, otherwise, the transaction will not be processed under any circumstances. Passbook Printing option will only get activated in ACM for an account if and only if you have done any cash receipt or cash payment transaction on that day. For Inter-Branch cash payment or cash receipt transactions in ACM, 1% of the payment or receipt amount will be deducted for on or above the amount of Rs. 10,000/-. For Inter-Branch Passbook Printing, Rs. 15/- will be debited automatically from the account. For taking coins from ACM of amount more than Rs.20/-,1% of total amount will be debited automatically from the SB account. For doing any transaction in ACM, a customer must have an account in that Bank and that account has to be KYC compliant in all respects.' KING:'Fantastic! Fabulous! Just start implementing those ACMs in each and every Branch of PSU Banks in India. It will reduce the operating expenses of the Bank and will surely generate more revenues as the Customer Services will be quicker than before.'"-Arindam Sain