MUMBAI: Bank of India on Tuesday became the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank.
Last month, RBI governor Raghuram Rajan had said that individuals without a bank account will soon be able to receive money from those with bank accounts, using automated teller machines (ATM).
The city-based bank launched a domestic remittance service called ‘Instant money transfer (IMT)’ that allows cardless cash withdrawal from it select ATMs which are tuned for this facility.
The IMT allows a customer to send money to a receiver only by using the receiver’s mobile number through the bank’s ATM or using retail Internet banking facility. The receiver may withdraw money from designated BoI ATMs without using a debit card.
The receiver would receive partial details for cash withdrawal on mobile phones.