Raghuram Rajan announces ATM to give cash to no bank account Analysis

RBI to take innovative step, introducing cash at ATM (Automated Teller Machine) for smart transactions with out bank accounts 

According to new announcement on 12th February 2014 from RBI, ATM soon to deliver cash to those people who donot have a bank account. This process would benefit remittence. Reserve Bank of India governor Raghuram Rajan made the announcement in Mumbai.

According to Raghram Rajan, the sender can let the money withdrawn from his account through an transaction. The whole process is depending on mobile technology. For making the payment, sender can send the code on recipient mobile that code allows him to widthdraw the money. 

According to the announcement, the system will take care of safeguards of transaction validation, customer identification, velocity checks and other security related processes.

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