Professional Documents
Culture Documents
(ATM)
Semester – V
2009 – 2010
Submitted:
by
P.T.V.A’s
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DECLARATION:
(10737)
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ACKOWLEDGEMENT
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Sr . No CONTENTS Pg. No
1 DESIGN OF PROJECT 5
2 INTRODUCTION TO ATM 7
3 HISTORY OF ATM 9
4 INVENTION OF ATM 11
5 INTRODUCTION TO ATM CARDS 15
6 TYPES OF ATM CARD 16
7 WORKING OF ATM 18
8 PARTS OF ATM 19
9 HOW TO USE AN ATM 23
10 USES OF ATM 26
11 FRAUD PREVENTION(FOR CONSUMERS) 31
12 ADVANTAGES AND DISTADVANTAGES 35
13 ATM CARD V/S DEBIT CARD 37
14 SCOPE OF ATM IN INDIA 39
15 ANALYSIS OF BANKS 41
16 CONCLUSION 49
17 BIBLIOGRAPHY 50
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1. DESIGN OF PROJECT
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Methodology
6
2. INTRODUCTION
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In order to prevent security problem if the customer nevertheless
forgets to retrieve the card, the machine will “swallow” the card after a
short period normally about 30 seconds. The customer will then usually
need to apply centrally to get the card returned, although if ATM is
situated in the lobby or through the wall of a branch where he is known,
he can sometimes get the card back from the ATM by asking for the
branch to extract it.
The machines currently in use allow user to draw any sum of up
to a limited account, view the current position of their accounts and order
a new chequebook. To obtain money from the unit the customer need
special ATM card and is notified of personal identification number,
which is not shown on the face of the card. The card must to be inserted
into machine and the personal number typed in. the machine will validate
the code number and if correct will allow access the bank’s computer to
check the account balance and if there are sufficient funds, to withdraw
cash.
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3. HISTORY OF ATM
ATM can be traced back to the 1960s, when the first ATM
machine was invented by Scot John Shepherd-Barron and used by
Barclays Bank in 1967. However, while Shepherd-Barron has the major
claim to fame, there have been many other individuals who have also
invented some version of the ATM. The machine itself has evolved over
the years, with the earlier versions restricted to only one or few banking
functions. There has been much debate, however, on who invented the
first early versions of Automated Teller Machine. But the history of ATM
can be visibly traced back to the year of 1967.
In 1939, a rudimentary cash dispenser was invented by Luther George
Simijian and established by the City Bank of New York. However, the
machine did not work much and had to be removed within six months of
putting up the machine. The early versions of the ATM were restricted to
cash withdrawal only. In the 1967 model, patented by Shepherd-Barron,
the plastic cards did not exist and instead a voucher with a strip of
radioactive substance was used for withdrawing cash. Consequently, the
vouchers were matched with a particular personal pin code used by the
bank to identify the customer. The ATM was inaugurated by renowned
British actor, Reg Varney. The personal identification number was
initially a six numbered password, and was later changed to a four
numbered password. However, this automated teller machine was very
different from the modern day teller machines, which is based on an
electronic system between the different branches of the bank. Thus, the
history of ATM has seen many changes over the span of 25 years since
1939.
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Another co-patent to the invention of the ATM was Don Wetzel,
the Vice President of Product Planning at Docutel. While the
conceptualization began in 1968, the patent was issued only in 1973. This
cash dispenser was first used by the New York based bank, namely, the
Chemical Bank. As was the case with the ATMs of during those years,
they were hardly a multi-functional unit. Moreover, they were not based
on any electronic system. Hence, the debit cards, distinct from credit
cards, were given to only selected clients with good track records. The
first ATM cards, with magnetic strips were developed by three
individuals, namely Don Wetzel, Tom Barnes and George Chastain.
While there were many developments in the history of ATM, the service
itself took a stronghold only in the 1970s. Today, the ATM service has
become indispensable to our modern day lives.
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4. INVENTION OF ATM
Many people have claimed to be the inventor of the ATM. Some believe
that Luther George Simjian did it. Some believe that it was Don Wetzel.
Still others say the inventor is John Shepherd-Barron. John D. White has
contacted ATMmachine.com and gave very convincing evidence that he
is the inventor of ATM and not Don Wetzel. James Goodfellow of
Scotland also contacted ATMmachine.com and gave us convincing
evidence of inventing ATM. Since the patent on an ATM as we know it
was never applied until years after Simjian, confusion on inventor till
exists. One reason for confusion is that John Shepherd-Barron lived in the
United kingdom, James Goodfellow in Scotland, while others lived in
USA. We present all the evidence, as we know it on this page.
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John Shepherd-Barron:
John Shepherd-Barron had an idea in the 1960's for a 24/7 cash dispenser.
At the time, he was managing director of De La Rue Instruments. De La
Rue today manufactures cash dispensers. In fact, there is a De La Rue
cash dispenser in 1 out of every 5 ATM machines built. If you want to
believe that Shepherd-Barron invented the ATM, then the world's first
ATM was installed outside a north London branch of Barclays Bank in
1967. Later In 1967, Shepherd-Barron presented his idea to a conference
of 2,000 US bankers in Miami, after the first ATMs had been installed in
England. He spoke to the conference about the new self-service banking
device he developed. On December 31, 2004, John Shepherd-Barron, was
named an Officer of the Order of the British Empire, or OBE, by the
Queen of England for services to banking. "It was a bit late, but better
late than never," said Shepherd-Barron. Press releases stated that
Shepherd-Barron was the "Inventor of the ATM." But, was he?
James Goodfellow :
As a Development engineer with Smiths Industries Ltd, James
Goodfellow was given the project of developing an automatic cash
dispenser in 1965. Chubb Lock & Safe Co. were to provide the secure
physical housing and the mechanical dispenser mechanism. Eventually
Mr. Goodfellow designed a system which accepted a machine readable
encrypted card, to which he added a numerical keypad. UK Patent
No.1,197,183 with a priority date of May 2 1966, covers this invention,
and it is also covered by US Patent No.3,905,461 and Patents granted by
many other countries. These Patents list James Goodfellow as inventor,
along with the late A.I.O.Davies, the company General Manager. This US
Patent still describes the basic ATM function almost 40 years later. These
Machines were marketed by Chubb LTD and installed nationwide in the
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UK during the late 60s and early 70s. You can read ATM inventor James
Goodfellow's story here on ATMmachine.com. Thanks goes out to Mr.
Goodfellow for giving us his permission. (Update: In 2006, James
Goodfellow was selected by the Queen to be awarded an OBE for
services to Banking as patentee of the Personal Identification Number
(PIN), and his service to banking.
Don Wetzel:
In 1968, according to a NMAH interview, Don Wetzel, says he was the
Vice President of Product Planning at Docutel, the company that
developed automated baggage-handling equipment. He applied for a
patent on an ATM machine. He said there were two other inventors listed
on the patent. They were Tom Barnes, a mechanical engineer and George
Chastain, an electrical engineer. It took five million dollars to develop
their ATM according to Mr. Wetzel. If you want to believe that Wetzel
and company invented the ATM, then you might want to read the next
paragraph.
John D. White:
John D. White told ATMmachine.com that his work started in 1968. He
told us that he installed the first ATM at Rockville Center, LI for the then
Chemical Bank in August 1973. His design was patented on May 9, 1973
for the Docutel Corporation and was filed on July 29, 1970. The machine
was called a "Credit Card Automatic Currency Dispenser". Mr. White
provided copies of his patent to ATMmachine.com for our review. Indeed
it states the inventor of the machine was John D. White and Kenneth
Goldstein, and the assignee on the patent was the Docutel Corporation. It
does seem to us that this is very convincing evidence that it was White
and not Wetzel who received the patent. There is also a statement in the
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patent that supports the idea of the modern ATM. "Both the original code
and the updated code are scrambled in accordance with a changing key",
which is basically what happens today. ATMs are programmed with
security keys and the code changes and are scrambled to prevent
fraudulent access to credit card and ATM numbers between the machine,
the bank, and the network processor. We would like to thank Mr. White
for contacting us. The patent drawings he gave us look very much like the
free standing ATM that is sold on ATMmachine.com today.
Jairus Larson:
Jairus Larson told ATMmachine.com that although he did not invent the
ATM, as far as he is aware , he did develop the very first 'on-line' ATM
(Diebold's "550"). The first ATM's were all 'off-line' versions (sometimes
referred to as 'stand-alone') meaning they did not have any means to
communicate with the bank. Today's ATMs are 'on-line' meaning they
communicate with the bank's computer system. Mr. Larson was kind
enough to give us his account of how this happened in the early 1970's.
You can read about Mr. Larson's ATM development here.
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5. INTRODUCTION TO ATM CARD
If you have a bank account there is a good chance that you have an
ATM card, which stands for Automated Teller Machine. This card gives
you the ability to go to an ATM and perform transactions. An ATM is a
machine or computerized terminal that gives bank customers the ability
to access their funds without the need of a teller or bank employee. Every
customer has a four-digit pin code, as a matter of security that must be
keyed in before transactions can be performed. Customers have access to
their funds 24 hours per day, seven days per week.
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6. TYPES OF ATM CARDS
More people use plastic to pay for items than cash. There are many
different types of cards used to make purchases or withdraw money and
many people don't think about the differences. There are significant
differences between ATM, debit and credit cards. There are several
different types of cards that fall under the category of an ATM card.
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ATM Credit Cards :
A new type of debit card is available at some banks. This type of
card has all the features of the ATM debit card plus the features of a
credit card. This card is not only attached to a checking account, but also
to a line of credit. This means that if the person overdrafts on their
account they will not incur any fees and will instead have money taken
out of their credit line to be paid back with interest when funds are made
available.
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7.WORKING OF ATM
There are mainly two types of ATM’s which differ according to the way
they operate. They can be called as
• Leased-line ATM
Dial-up ATM machines
Any ATM machine needs a data terminal with two inputs and four
output devices. Of course, for this to happen there should also be the
availability of a host processor. The host processor is necessary so that
the ATM can connect and also communicate with the person requesting
the cash. The Internet Service Provider (ISP) also plays an important role
in this action. They act as the gateway to the intermediate networks and
also the bank computer.
A leased-line ATM machine has a 4-wire, point to point dedicated
telephone line which helps in connecting it with the host processor. These
types of machines are preferred in places where the user volume is high.
They are considered high end and the operating costs of this type of a
machine is very high.
The dial-up ATM machines only has a normal phone line with a
modem and a toll free number. As these are normal connections their
initial installation cost is very less and their operating costs only become
a fraction of that of a leased-line ATM.
The host is mainly owned by the bank. It can also be owned by an
ISP. If the host is owned by the bank only machines that work for that
particular bank will be supported.
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8. PARTS OF ATM
As told earlier, there are mainly two input devices and four output
devices for an ATM. The input devices are:
Keypad – After the card is recognized, the machine asks further details
like the type of withdrawal you prefer, your balance enquiry, and your
personal identification number (PIN) and so on. Since each card has a
unique PIN number, there is very little chance for someone else to
withdraw money from your account. There are also separate laws to
protect the PIN code while sending it to the host processor. So, the PIN
number is mostly sent in encrypted form.
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If your pin number is correct the ATM makes the necessary transactions
for the required amount.
For this transaction, there are mainly four outputs. They are:
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Receipt printer – All the details regarding your withdrawal like the date
and time and the amount withdrawn and also the balance amount in the
bank is also shown in the receipt. Thus a paper receipt of the current
transaction is obtained by the user.
Cash dispenser – This is the central system of the ATM machine. This is
from where the required money is obtained. From this portion the person
can collect the money.
Functions of the Cash Dispenser:
As the whole mechanism is regarding the withdrawal of cash, the
cash dispenser should be highly efficient. These are the main functions
that are to be carried out by the cash dispenser.
It is the duty of the cash dispenser to count each bill and give the
required amount. If there are cases where the bills are stuck together they
should be rejected and instead new notes should be taken. If the money is
worn, or even folded, they will be moved to another section called the
reject bin. All these actions are carried out by high-precision sensors.
There may be cases where the sensors may go wrong. To know
this, the person responsible for the machine checks the number of rejected
notes at a certain interval. If the numbers of notes are a lot than expected,
then it would indicate that either the quality of the bills is not good or
there is a problem with the cash dispenser.
A complete record of each transaction made by a particular ATM
machine is recorded each day and is kept as a journal. This journal is later
collected and then printed out at times. This information regarding the
transaction is kept by the authorities for a period of 2 years. As there may
be cases regarding a particular transaction going wrong, the account
owner or also the bank officers have a right to see the transaction. With
this printout the account holder can contact the host processor.
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ATM Networking:
When a transaction is made, the details are inputted by the card
holder. This information is passed on to the host processor by the ATM
machine. The host processor checks these details with the authorized
bank. If the details are correct, the requested cash by the card holder is
taken with the help of an electronic fund from the customer’s bank
account to the host processor’s account. After this function is carried out,
the processor sends an approval code to the ATM machine so that the
cash can be transferred.
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9. HOW TO USE AN ATM
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Fill out a deposit slip, if your bank requires one, and include it in the
envelope. Write the amounts of money you are depositing in the space
provided.
Write the total of all your cash on the first line.
To deposit a check, sign the back of the check ( called "endorsing" the
check) with your name as it is written on the front. Depending on the
rules of your bank, you may also write "for deposit only" and include
your account number, as shown.
Write the amount of each check on a line of the deposit slip. Beside it,
write the "fraction". This number appears on the face of the check,
often in the upper right corner near the check number. It tells your
bank where the check came from. Add up the amounts you are
depositing and write the number down where you can see it after you
seal the envelope. Then, seal the envelope.
4. Insert your ATM Card into the machine.
5. Select a language.
Note that this option often only comes up where your card is
registered as being from another country, unless you live in a country
or region with languages other than English are in major use.
6. Enter your PIN (Personal Identification Number),
Then press Enter.
7. Select a transaction.
8. Deposit money.
If you want to deposit (put in) money:
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Enter the amount you will deposit. Confirm the amount.
Insert the envelope into the deposit slot when the machine opens it.
Note that some ATMs will not allow you to deposit money. In this
case, you need to find one at a branch.
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10. USES OF ATM
Again, due to the strong cash culture in India, cash deposits are
most likely higher than in other markets, especially cash deposits made
by commercial customers such as retail shopkeepers and those whose
work involves substantial traveling. A high cash withdrawal rate results
in higher ATM servicing costs due to frequent cash replenishment
requirements. Recent developments in ATM technology have made it
possible to recycle cash in ATMs.
Currency notes received as cash deposits are counted; soiled notes
separated and deposited cash dispensed to fulfill withdrawal transactions.
However, regulatory concerns relating to identification of counterfeit
notes and its depositors need to be addressed first.
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ATM with Cheque deposit facility is not picking up in India, like
other countries. One of the reasons is the delay in collection of the cheque
deposited in ATMs. Cheque deposited in ATMs is to be collected and
deposited in the designated branch for collection. Another reason is the
introduction of cheque deposit Kiosks by various Banks especially
Private sector ones. These are kept at each some important
locations/branches where customers can deposit there cheques which are
collected at intervals which may be difficult in ATMs.
Bill Payments :
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product/service. A number of banks including ICICI Bank, SBI and PNB
have ATMs at Mumbai’s local railway stations to dispense season tickets
to commuters. Own-bank customers pay no extra charge while other bank
customers pay a fee of Rs. 50 for this extremely useful service of anytime
ticket purchase. Railway season tickets represent a high-volume mass-
appeal product. As technical standards get established and
product/service sellers become aware of the ATM sales channel, niche-
appeal high-margin products like entertainment tickets will join the fray.
Kiosks:
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Third Party Advertising:
Money Transfers:
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Recharge Mobiles via ATMs:
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11.FRAUD PREVENTION (FOR CONSUMERS)
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Minimize your time at the ATM:
The more time you spend at the ATM, the more vulnerable you
are. If you need to update your records after a transaction, one is advised
do it at home or office, but not while at the ATM. Even when depositing
a cheque at the ATM, on should not make/sign the cheque at the ATM.
After the transaction, if you think you are being followed, go to an area
with a lot of people and call the police.
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always shield your card, no matter how comfortable you are with the
place. If your card is stuck inside an ATM, be suspicious of anyone
offering help. Immediately report the incident to the bank
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Never provide information via e-mail:
About 3.5 percent of ATM and point-of-sale debit fraud originates
from ‘phasing’ e-mails. Phi hers attempt to obtain information about your
bank account by asking for your PIN, account number and personal
information. Much like ATM skimming equipment, these e-mails appear
legitimate. If you click on a link, you will be sent to a Web site that looks
exactly like the one the phi hers are imitating. Reputable companies do
not ask for information through e-mail. If you receive one of these e-
mails, inform the organization. And if you believe your accounts have
been compromised, inform your financial institution and cancel the
account.
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12. ADVANTAGES AND DISADVANTAGES
ATM Advantages :
• Ability to draw cash outside normal banking hours.
• Cheaper where bank charges are incurred and often quicker than using
normal cashier services.
• Does not just operate as a medium for obtaining cash.
• Amount up to a set limit per day is available.
• All customers can apply for the joint accounts two separate cards can
be issued.
• Although ATMs are primarily located on bank premises, some are
available elsewhere.
• Where an incorrect PIN is used several times in succession (say where
a thief has stolen the card),the ATM will retain the card.
• ATM service is available for 24 hours a day,7 days in a week.
• It helps to check the balance in an account.
• It is easy, saves time of customers.
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ATM disadvantages :
• If person who does not have sufficient
money in its account, then
in this case the ATM may not recognize his card.
• May be ATM’s may not be situated near
by when it is urgently
required.
• If some one watches or hacks ATM
machine then details of
customers can be misused.
• Banks have maintained a limit of Rs
10,000/- per transaction. This
information is displayed on the ATM. The maximum limit is
Rs.25000/- per day. No one can withdraw money beyond this limit.
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13. ATM CARD V/S DEBIT CARD
Although both these cards serve the same purposes, most of the
banks favour in the issue of credit cards. When you purchase something
with a debit card, the money is automatically deducted from your savings
account. This is different from the way a credit card works. For a credit
card, you get a monthly bill for the amount you have spent. You can take
money directly with the help of an ATM card. But, with a debit card, you
can only purchase things. You can use ATM cards for some direct
purchase as well, but it is limited.
Debit cards can be used in different fields like grocery stores,
hotels, booking tickets, pharmacies and so on.
As credit cards are easier to use, some hotels and rental services often do
not accept debit cards. Credit cards also bring in lesser risk and are also
cheaper.
There is a difference when using a credit card and a debit card
when checking into a hotel. In the case of a credit card, the original
amount will be billed in your account. When a debit card is used, a
certain amount of money which includes the cost/rent of the room and an
additional amount which may be a percentage of the total fee will be kept
as an “on hold” bill in your bank account. The additional money is kept
as a precaution as a damage money. When you check out of the hotel,
you will be billed the original amount of your stay. But the difference
between the “on hold” money and your actual money will be released
back to your account.
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The next difference comes in the way you bill the amount. If it is a
debit card, you will have to enter your unique pin number. If it is a credit
card, you will have to sign a slip. Some banks even put a fee for your
debit card.
There is also a difference in appearance between an ATM card and
a debit card. A debit card has the users name, the company’s logo, the
bank’s logo and also written “Check card” in front of it. An ATM card,
on the other hand has the user name, account number and also the bank
logo. Both the cards have a common strip on the back of the card, so that
the user can sign on it.
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14. SCOPE OF ATM IN INDIA
39
making them at par with flexibility given in internet banking – only more
secure. Of the value-added services provided at ATMs, bill-payment is
the most used service, followed by prepaid mobile talk-time recharges.
However, still about one third of the respondents do not use any value
added services at ATMs.
The ATM market in India is not yet saturated. Though the
concentration of ATMs is greater in metros, the demand is increasing for
other cities and even rural areas. ATM's per million people approximately
is 33 units is very low. Experts forecast that the growth rate is expected to
grow 18 percent up by 2013. Banks going into a self service model can
have huge saving potential for banks and may also increase the
convenience for the customers.
Many ATM vendors have devised specialized machines,
embedded with biometric devices for authentication. Catering to the rural
population, these machines have enabled them to interact with the
machine in their local language and on a graphical user interface. The
rural customer has seemed to accept this new medium. This has the
potential to further widen the scope of ATM usage in the interior parts of
the country. There is also interest towards white-label ATMs. Many
companies are interested in this model, where the ownership of the ATM
will not be with the banks but with third parties who deploy them and
make money on fees charged on every transaction. The concept is
prevalent in the American continent Wide acceptance of ATMs by
consumers, introduction of biometric ATMs, and increasing scope of
value-added ATM services will maintain growth in the industry.
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15. ANALYSIS OF BANKS
HDFC BANK
With over 4,393 ATMs present across India, you can withdraw
cash and do much more at HDFC Bank ATM. The sophisticated,
computerised network gives you the flexibility of accessing your account.
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Difference between ATM and Credit card:
An ATM Card is different from a Credit Card. Using your ATM
Card, you can access your account and carry out most of your banking
transactions, round the clock. But you cannot shop with your ATM Card.
Also, unlike a Credit Card, your ATM Card prevents you from
over-extending yourself by permitting you to withdraw cash only as long
as there is money in your account. Finally, if you withdraw cash using a
Credit Card, you will be charged a service fee, whereas using an ATM
Card does not attract any charges.
Necessary to maintain minimum balance:
It is necessary to maintain any minimum balance in the account
for using the card. One can only withdraw to the extent of the balance in
the account.
Fund transfer option at the ATM :
In order to use the Funds Transfer option, you must have more than
one Savings (single, either or survivor) or sole proprietorship Current
Account with the bank. You need to make a request at any of our
branches or on PhoneBanking to link your accounts to your Card. Once
the accounts are linked to your ATM Card, you can use the Funds
Transfer option.
Charge on ATM transaction:
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HDFC Bank does not charge on its customers who maintain the
required AQB or on other Bank customers for using their ATM. For
customers of HDFC Bank who have not maintained the required AQB in
the previous quarter, all inter-city cash transactions will be levied Rs 1.50
per Rs 1000, minimum Rs 25.
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HDFC Bank ATM Card can only be used at our ATMs.
Cash advance / Cash withdrawal limit :
HDFC Bank customers can withdraw up to Rs.10,000/- per day.
For non-HDFC Bank customers, the limit is as decided by the bank
issuing the Card.
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• Visit your nearest HDFC Bank Branch.
If ATM card get stuck inside the HDFC Bank ATM :
• Log a complain with the local HDFC
Bank PhoneBanking Number
• Visit your nearest HDFC Bank Branch.
You can request for card to
be delivered either at the mailing address which you have
given to the Bank or at the nearest branch where you will have to
collect the same in person.
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IDBI Bank
Meaning of ATM :
Automated Teller Machine is a computerized machine that
provides the customers of banks the facility of accessing their accounts
for dispensing cash and to carry out other financial transactions without
the need of actually visiting a bank branch.
Types of card used :
The ATM cards/debit cards, credit cards and prepaid cards (that
permit cash withdrawal) can be used at ATMs for various transactions.
Transaction at ATM :
For transacting at an ATM, the customer insert (swipe) their card
in the ATM and enter their Personal Identification Number (PIN).
Services and Facilities :
In addition to cash dispensing ATMs may have many
services/facilities such as:
• Account information
• Cash Deposit
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• Regular bills payment
• Purchase of Re-load Vouchers for
Mobiles
• Mini/Short Statement
• However, if the card is used at an ATM
of any other bank, the
customer would be able to do only cash withdrawal and balance
enquiry transactions.
Uses of ATM card at any bank of country :
The cards issued by banks in India should be enabled for use at
any bank ATM within India.
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The cash withdrawal limit for use at the ATM of the issuing bank is set
by the bank during the issuance of the card.
For cash withdrawals at other bank ATMs, banks have decided to
maintain a limit of Rs 10,000/- per transaction. This information is
displayed on the ATM. The maximum limit is Rs.25000/- per day.
Service fees charged for use of other bank ATM :
No charges are payable for using other bank's ATM for cash
withdrawal and balance enquiry, as RBI has made it free under its "Free
ATM access policy" since April 01, 2009. But banks can restrict the
number of such free transactions to a maximum of five per month. For
transactions beyond this minimum number of transaction, banks charge
maximum of Rs 20/- per transaction.
In case, during the cash withdrawal process cash is not disbursed but
the account gets debited for the amount :
The customer may lodge a complaint with the card-issuing bank.
This process is applicable even if the transaction was carried out at
another bank's ATM.
Days required by the bank to re-credit the account for such wrong
debits :
As per the RBI instructions, banks may re-credit such wrongly
debited amounts within a maximum period of 12 working days from the
date of receipt of the customer's complaint.
Customers eligible for compensation for delays beyond 12 working
days :
Effective from July 17, 2009, banks shall have to pay customers Rs
100/- per day for delays beyond 12 working days. This shall have to be
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credited to the account of the customer without any claim being made by
the customer.
In case of compensation is not credited as mandated :
For all such issues, customer may lodge a complaint with the bank
and if the bank does not respond, the customer may approach the local
Banking Ombudsman
16. CONCLUSION
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Thus the ATM’s i.e. any time money machine has fulfilled the
customer’s needs to its greatest extent. In the near future the banks have
also promised to come up with new innovations in the ATM’s.
17. BIBLIOGRAPHY
Books:-
New concepts of banking
By – S.S. Kaptan
Virtual banking revolution
By – James Essinger
Banking law and practices
By – P.N. Varshney
Websites:-
www.idbi.com
www.hdfc.com
www.google.com
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