In a first of its kind, Suryoday Small Finance Bank on Tuesday said it has decided to discontinue ATM banking services from October 1, 2021, due to the digital banking initiation program. However, Maharashtra-based bank's ATM and debit cards will be accessible at other bank ATMs.
Further, other services like PIN generation, fund transfer, mini statement, balance enquiry etc will be available through internet banking and mobile banking.
The bank commenced its operations as a small finance bank on January 23, 2017. The Reserve Bank of India (RBI) had issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance banks in India.
Small finance banks will offer basic banking services, accepting deposits and lending to unserved and under-served sections including small business units, small and marginal farmers, micro and small industries, and entities in the unorganised sector, RBI said when it released guidelines for such banks in November.
(Edited by : Jomy Jos Pullokaran)
First Published: IST