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News & Views
ATM
The recent State Bank strike
brought home to its depositors the advantages and disadvantages of ATMs – short
for Automatic Teller Machines. Initially they were able to withdraw money in
spite of the strike, however as the strike continued, the machines started
running out of the cash and “No Cash” boards could be seen outside the ATMs.
Some security guards had to face the wrath of irate customers for no fault
of theirs.
ATMs have become very popular and are able to handle many of the transactions
that a Bank’s branch handles. It is common to find a line of ATMs belonging to
different banks close to each other. Bank customers are happy a lot when it
comes to cash withdrawal and balance enquiries. Instead of standing in queues at
a branch counter during fixed banking hours, they have the liberty to do these
transactions very quickly at their own convenience. Moreover many of these ATMs
dispense crisp new notes. Some of them also offer the option of a mini account
statement. Cash withdrawal in emergencies during the night is also possible.
Banks too have found the ATM to be an attractive proposition. News reports have
indicated that the number of ATMs stands close to 23,000. The Reserve Bank has a
long queue of applications for new ATMs. The RBI is reported to have applied the
breaks to this rush for setting up offsite ATMs. It is worried that they are
getting clustered in the cities. Rural areas do not seem to be popular with the
Banks. The apex bank wants the commercial banks to share their ATMs in urban
areas. It is also worried on another count as these machines have put pressure
on the demand for new currency notes. The RBI has therefore tightened the norms
for setting up an ATM.
MAY
“Rough winds do shake the
darling buds of May,And summer’s lease hath all too short a date.
Sometimes too hot the eye of heaven shines, And often is his gold complexion
dimmed;”
Sonnets [18], Shakespeare
These two verses from the Sonnets of Shakespeare aptly describes this “merriest
of months”. Come May and the sun which shines fiercely, sometimes plays hide and
seek amidst the scurrying clouds; clouds which herald the rainy season.
Turning to more mundane things, with schools and colleges closed for the summer
vacation and most exams completed by the middle of the month, the city roads and
transport seem empty. Its truly a month for taking time off and some relaxation.
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