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MCQ FOR ALL OF YOU

• The first ATM in the world was opened on June 27, 1967 in which city?

1. New York
2. Karachi
3. Amsterdam
4. London

 NOTES

Beginning February 8, 2019, no ATM across the country will be replenished with currency notes post 9:00 pm and 6:00 pm, respectively, as per a new notification released by the Union Home Ministry.

REQUIREMENTS

As per the new Standard Operating Procedures (SoPs), two armed guards will have to accompany the currency in transit, and every private cash handling agency will have to make sure that the currency collection from the banks is organised well within the first half of the day and these shall only be transported in armoured vehicles.

NOTES

• The agencies have also been directed to abide by the rule that each cash-van per trip must carry no more than ₹5 crore.

NOTES

A major reason why the ministry has buckled up security guidelines is because it was found that many private agencies store the currency in their cash vaults overnight, which obviously has been eliciting such attacks of vandalism and theft. According to Press Trust of India (PTI), there are roughly over 8,000 privately owned cash vans functioning across the country that are controlled by non-bank private agencies, and it is reported that these vehicles handle over ₹15,000 crore on behalf of the banks on a daily basis.

MCQ FOR ALL OF YOU

• The first ATM in the world was opened on June 27, 1967 in which city?

1. New York
2. Karachi
3. Amsterdam
4. London

ATM IN INDIA

• Hongkong and Shanghai Banking Corporation introduced the ATM concept in India in 1987.
• The first ATM was set up in Andheri East, Mumbai.

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