The National Payments Corporation of India (NPCI) on November 04, 2024, notified regarding the Cash Retraction facility in ATMs to address shutter overlay fraud.
The following has been stated namely: -
• It states that RBI in its letter no. CO.DPSS.POLC.No.S695/02-10-004/2024-2025, dated October 08, 2024, permitted banks/WLAOs to implement cash retraction at ATMs/cash recyclers as per their risk management processes, with customer awareness and adherence to the TAT framework for failed transactions.
• Members are requested to share the information with relevant departments, and acquirers shall ensure proper handling of customer transaction disputes in such scenarios.
[Notification no. - NPCI/NFS/OC.No.423/2024-25]
