CARDS & PAYMENTS | Cesar Tordesillas, India

Indian banks hit for fake notes in ATMs

Counterfeit notes being dispensed by ATMs.

RSP member Prashanta K Majumdar said circulation of counterfeit notes were conveniently finding way to banks and re-circulated through ATMs.

He alleged that banks could be in collusion and those running the ATMs could also be involved.

"The source needs to be checked. When ATMs dispense fake notes, those running them should be held responsible," he said demanding adequate steps by the Finance Ministry to stop the menace.

He said this problem was not only hurting the economy, but also causing trouble for common people, who are unable to distinguish a genuine note from a fake one.

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