Now Withdraw Money From Your Relative’s Account Through An ATM: RBI

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The Reserve Bank of India (RBI) in a move to harness technology to facilitate remittances across India has employed a method to withdraw remittances from automated teller machine (ATMs) for those who do not have a bank account.
 
RBI governor Raghuram Rajan while speaking at inaugural session of Nasscom Leadership Forum in Mumbai said that through the innovative method a money sender can go to an ATM of a participating bank and authorise a relative for money withdrawal from his bank account.
 
‘Recently, we (RBI) approved setting up of a payment system, which will facilitate funds transfers from bank account holders to those without accounts through ATMs’, Rajan said on Wednesday.
 

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