Now, withdraw money from BoI ATMs without an account

Bank of India has become the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank.

Last month, RBI Governor Raghuram Rajan had said that individuals without a bank account will soon be able to receive money from those with bank accounts, using automated teller machines (ATM).

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The Mumbai-based bank launched a domestic remittance service called 'Instant money transfer (IMT)' that allows cardless cash withdrawal from it select ATMs which are tuned for this facility.

The IMT allows a customer to send money to a receiver only by using the receiver's mobile number through the bank's ATM or using retail Internet banking facility.
The receiver may withdraw money from designated BoI ATMs without using a debit card.

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The receiver would receive partial details for cash withdrawal on mobile phones.

"This service is in line with the RBI's expectation of expanding financial inclusion, wherein fund transfer can happen from account holders to those without accounts through ATMs," BoI Chairperson and Managing Director V R Iyer said. Iyer said that some of ATMs are already being made ITM-enabled and the rest will be enabled in 20 days.

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With this facility, a beneficiary can withdraw up to Rs 25,000 through IMT transaction on monthly basis while per transaction limit is set up Rs 10,000.

The sender will be charged of IMT fee of Rs 25 for every IMT transaction, he or she issues to a receiver or beneficiary.

Iyer said bank has added 2,100 ATMs in the current fiscal and its total network of ATMs stands at 4,000 as of today. The bank will be adding 100 more ATMs in this week, she said.