ATM will not suck your cash anymore

Many a times you may have noticed that when using ATM for cash withdrawal, when ATM dispenses cash if you do not take it out within 10-15 seconds it goes back to machine. This is a safety measure adopted by the banks so that if anyone forgets to take the cash it should not go to wrong hands.

But this has created many problems for the banks as well as customers. Customers are in dilema as they will think that the money is already debited to account but cash not received, then from where to claim it. (ATM normally automatically redeposits the amount to the account of customer but requires some time) Some times as the money is already deducted they may not have sufficient balance in account to make next withdrawal. The banks are flooded with request for claims for the amount.

The RBI has also noticed some fraud. The modus operandi is as follows; The customer withdraws cash. When cash has come out take some cash only. Then after sometime the remaining cash goes in. As the machine does not have mechanism to recount the cash it sucked, it reimburses full amount to the account of customer.

As the operation and usage of the ATM has been stabilized. The RBI has asked the banks to stop the mechanism of Cash Sucking by ATMs if not taken within time. Now the customers has to be alert not to forget to take cash or else it may hand in wrong hands.

Recruitment - Punjab National Bank

Punjab National Bank (PNB) invites online applications for following Clerical post from Indian citizens who have taken the Common Written Examination (CWE) for recruitment in Clerical cadre conducted by IBPS in Nov-Dec 2011:

Single Window Operator A (Clerk) : 2985 posts in various states

(UR-1611 ,SC-695, ST-166, OBC-513) (PH-90, Ex.SM-420),

Pay Scale : Rs.7200-19300/-,

Age : 20-25 years,, relaxation in age as per rules.

Application Fee : Rs.100/- (Rs.20/- for SC/ST/PC/EXSM candidates) to be deposited any Branch of PNB through a voucher challan which is available on PNB website.

How to Apply : Apply Online only at Punjab National Bank website from 26/09/2012 to 10/10/2012.

Kindly click link below for more details and to apply online:

Apply online here

Kingfisher and consortium bank's meeting tomorrow

The consortium of 17 banks that have funded debt-laden Kingfisher Airlines Ltd (KFA) will meet in Bangalore on Thursday. The meeting assumes significance, as this would be the first one after the Government revised foreign direct investment norms in aviation and allowed foreign carriers to pick up to 49% stake in domestic scheduled airlines. There are indications that Kingfisher promoter, Vijay Mallya, will make a presentation to the bankers’ on the turnaround strategy for the ailing private carrier. Banks are hoping that Mallya would come up with proposals that would lead to equity infusion into the airline.

Banks have total exposure of nearly Rs.7000 to the airlines and the SBI has exposure of nearly Rs.1500 crore. The loans have turned bad (NPA) during january itself.

The RBI has disallowed the banks to use Kingfisher brand name as security. Hence the exposure has turned unsecured and banks are required to make 25% provision on the same.

Earlier the banks have also expressed displeasure due to absence of Mr. Mallya during the consortium meeting although advance intimation was available.