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Public sector lender Bank of India has announced a facility to allow card-less cash withdrawal without opening a bank account. The facility is largely targeted towards helping migrant labourers.
Under the initiative IMT — Instant Money Transfer — a bank customer can remit or transfer money by using the receiver's mobile number. The receiver would be able to withdraw money from a Bank of India ATM by feeding a code authorised by the sender.
The sender would be charged ₹25 for every transaction. The maximum withdrawal limit is ₹10,000, and the monthly limit ₹ 25,000.
With half of the country’s population without bank accounts, the RBI Governor last year had asked banks to use technology to provide withdrawal facility to citizens without a bank account.
Bank of India’s Chairperson and MD said, “I do feel the charges are more for the worker community. We will look at reducing it over time.”
The bank is looking at making all its ATMs IMT-enabled in the next 20 days. Further, the bank is making efforts to facilitate the service on mobile handsets in a month’s time.
Bank of India added 2,100 ATMs in FY14 and plans to add 100 more by the end of the financial year ending March.
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