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In yet another innovation during Covid-19 times, <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> (Kotak) on Monday launched the Cardless Cash Withdrawal Facility through ATMs.<br /><br />Under this unique facility, Kotak account holders can make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card.<br /><br />Using their registered mobile number with the bank, Kotak customers can initiate the transaction through the Kotak Net Banking or Mobile Banking platform. The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India.<br /><br />To withdraw cash, all that a registered beneficiary would need to do is to enter his/her mobile number, sender and SMS codes and the exact cash amount. This would immediately trigger cash withdrawal from a Kotak Bank ATM. An account holder can also withdraw cash using similar feature.<br /><br />"As a digital-first bank, enhancing customer experience is a continuous process. The cardless cash withdrawal facility is simple, secure and convenient to use; and frees customers from having to carry their debit cards with them all the time.<br /><br />"Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries," said Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank.<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/politics/india/news/from-priyanka-gandhi-vadra-to-manmohan-singh-these-are-the-stated-views-of-congress-working-committee-members-on-sonia-gandhis-resignation/slidelist/77713740.cms">From Priyanka Gandhi Vadra to Manmohan Singh, these are the stated views of Congress Working Committee members on Sonia Gandhi's resignation</a><br /><br /><a href="https://www.businessinsider.in/politics/india/news/congress-working-committee-cwc-meeting-updates-decision-on-congress-new-president-sonia-gandhi-or-rahul-gandhi/articleshow/77717675.cms">Sonia Gandhi offers to quit, Manmohan Singh holds her back and Rahul Gandhi questions party leaders — the CWC meeting reveals the cracks in Congress</a><br /><br /></strong><a href="https://www.businessinsider.in/science/environment/news/cognizant-says-it-will-spend-2-7-crore-to-restore-sebakkam-lake-and-help-natural-marshland-pallikaranai-wetland/articleshow/77716094.cms"><strong>Cognizant says it will spend ₹2.7 crore to restore one of India's last natural marshlands in Chennai</strong></a><br />

You can now withdraw cash from Kotak Mahindra Bank ATMs without physical debit card

The government is mulling to allow more free ATM transactions, especially under <keyword id="6392137" type="UNKNOWN" weightage="20" keywordseo="Jan-dhan-Yojana">Jan Dhan Yojana</keyword> for financial inclusion.<br />
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The government thinks that keeping restrictions in free ATM transactions may hurt the Jan Dhan Yojana, which aims to have at least one bank account in every household of India, especially rural areas.<br />
<br /> In this regard, the government and the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> are in talks. Presently, every ATM card holder is restricted to three free transactions from other bank’s ATM and in some places five.<br />
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ATM transactions by savings bank account holders can also be restricted at their own banks to a certain number, beyond which they can be charged fees of Rs 20 per use.<br />
<br />
(Image: Indiatimes)<br />

ATM transactions may become fully free under Jan Dhan Yojana

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div><em><strong>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.</strong></em></p><p><strong><a href="http://www.bankrate.com/finance/checking/record-setting-year-for-checking-account-fees-1.aspx">Checking account fees are going up</a> (Bankrate)</strong></p><p>A new Bankrate survey of 250 of the country's banks and thrifts discovered the amount people are paying in checking account fees is on the rise. Bankrate says never before in the past 12 years has so few banks (37%) offered totally free checking. However, most banks (95%) are willing to give totally free checking if you maintain a minimum balance, usually $500 or $1,000, or make regular deposits. The study found the average withdrawl using an ATM outside your network costs $4.52, and was responsible for $283 million in banking revenue during the second quarter of 2015. Overdraft fees are up 1% versus a year ago, averaging $33.07, according to Bankrate. All of this comes at a time when the average yield for a checking account is 0.05%.</p><p><strong><a href="http://www.businessinsider.com/r-pimco-fund-posts-23-billion-net-outflows-in-september-2015-10">Pimco continued to see outflows in September</a> (Reuters)</strong></p><p>The amount of money pulled from Pimco's flagship Total Return Bond Fund increased to $2.3 billion in September, up from $1.8 billion in August. According to Reuters, the fund has seen more than $11 billion of withdrawls since the start of 2015 as it deals with the fallout from the departure of co-founder Bill Gross. Additionally, the Pimco Income Fund has seen $10.3 billion in outflows over the course of the year.</p><p><strong><a href="http://www.businessinsider.com/r-nelson-peltzs-trian-fund-takes-25-billion-stake-in-ge-wsj-2015-10">Nelson Peltz disclosed a big stake in GE</a> (Reuters)</strong></p><p>Activist investor Nelson Peltz announced a massive $2.5 billion stake in General Electric. Peltz's Trian Fund Management says it owns 98.5 million shares of the industrial giant, amounting to its largest position. "Trian believes GE has significant long-term potential and that its implied target value per share, including dividends, could be $40 to $45 by the end of 2017 based on our view that GE can deliver EPS of at least $2.20 in 2018," Trian CIO Ed Garden said in a statement. Trian has not asked for a board seat, but it does want GE to increase cost-cutting efforts and potentially sell more finance assets, Reuters says.</p><p><strong><a href="http://www.investmentnews.com/article/20151005/FREE/151009975/u-s-retirement-assets-flat-in-second-quarter">US retirement assets were little changed in the second quarter</a> (Investment News)<br /></strong></p><p>The amount of money held in US retirement accounts slipped in the second quarter. Total retirement assets fell to $24.8 trillion, down from the first quarter reading of $24.9 trillion. Investment News says the amount of assets held in defined contribution plans gained 0.4% in the April to June period, and now stands at $6.8 trillion. Meanwhile, IRA assets also increased by 0.4%, and are now at $7.6 trillion.</p><p><strong><a href="http://www.thinkadvisor.com/2015/10/01/3-steps-to-help-solve-the-looming-retirement-crisi">3 steps to help solve the retirement crisis</a> (Think Advisor)</strong></p><p>At Morningstar's ETF Conference Charles Ellis, founder of financial consulting firm Greenwich Associates and co-author of the book "Falling Short: the Coming Retirement Crisis and What to Do About It," warned millions of Americans don't have enough money saved for retirement. Think Advisor says, Ellis believes a combined effort from employees, employers and the US government can help rectify the problem. Workers need to retire later, employers should automatically enroll clients in their 401(k) plan and the government needs to reform Social Security, Ellis says.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/meet-donald-trumps-youngest-daughter-tiffany-2015-8">Forget Ivanka - here's the Trump daughter nobody's talking about</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="E1cXN4djreB4iDr6m7ZyR3yB13JhnGpM" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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You can now withdraw cash from Kotak Mahindra Bank ATMs without physical debit card

IANS

ATM transactions may become fully free under Jan Dhan Yojana

BI India Bureau

Your checking account fees are going up

Jonathan Garber

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