Unbelievable! You can now get cash loans at ATMs

The Reserve Bank of India has allowed banks to offer all their products and services through their off-site ATMs.

Unbelievable! You can now get cash loans at ATMs

Zee Media Bureau

New Delhi: Now you will be able to apply for credit cards and avail loans at ATMs, as per a newspaper report.

The Times of India report said that banks can now “extend a loan and dispense the cash” at ATM machines.

The Reserve Bank of India has allowed banks to offer all their products and services through their off-site ATMs.

"... banks are now free to offer all their products and services through ATM channels provided the technology permits the same and adequate checks are put in place to prevent the channel from being misused to perpetuate frauds on banks or other genuine customers," RBI said in a notification.

Currently, the facilities that could be provided at off-site ATMs include deposits/withdrawals, PIN change, request for cheque books, statement of accounts and balance enquiry, among others.

With PTI Inputs