GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ATM’s
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NEFT
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RTGS
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None of these
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Detailed explanation-1: -Cash retraction is just a facility given by bank in its ATMs. If you withdraw cash from ATM and forget to collect the same then the cash is taken back by the ATM and same is credited back to your account.
Detailed explanation-2: -ATMs are convenient, allowing consumers to perform quick self-service transactions such as deposits, cash withdrawals, bill payments, and transfers between accounts. Fees are commonly charged for cash withdrawals by the bank where the account is located, by the operator of the ATM, or by both.
Detailed explanation-3: -The pulling back of money back inside an ATM is called “Cash Retraction”. In India however as per RBI guidelines, this facility has been withdrawn for all types of ATMs due to many issues including fraudulent transactions. It means that you need to take your money dispensed by the ATM.