Cloning of ATM cards, fraudulent chip-insertion in ATM machines and other such techniques have led to a lot fraud cases being reported in India.
To curb this menace, a total of 18 bank representatives met to discuss plans and ideas as part of the bottoms-up ideation exercise.
If the proposal is accepted, ATMs will only allow a person to withdraw cash once and then wait for a stipulated time period before withdrawing a sum again.
According to Times of India, the time period can be anywhere between 6 to 12 hours.
The Delhi State-Level Bankers' Committee (SLBC) suggested this possibility, which seemed the saner and simpler way to curb the problem of fraudulent transactions in banks and ATM machines.
A lot of these frauds happen at night, from around midnight to early morning. A bar on transactions for a certain period can help.
Several other measures were also suggested, including a one-time password linked to withdrawals and developing a system that will be similar to the one used for online transactions using debit and credit cards.