What is the transaction limit for GCC with SBI?
SBI’s green channel counter or GCC service allows you to avail services like cash deposit, withdrawal and funds transfer only by swiping your ATM/debit card and selecting the relevant transaction. Transaction limit is Rs.25, 000 per transaction subject to a monthly cap of Rs.1, 00,000. Remember deposit can be made by way of cash only through GCC.
SBI had launched the ‘Green Channel Counter’(GCC) facility on State Bank Day (01.07.2010) at 57 select branches of the bank spread across the country. This was a step taken by the bank towards changing the traditional way of paper-based banking to card-based ‘Green Banking’. This focuses on reduction in paper usage as well as saving transaction time. The transaction limit for GCC is pegged at Rs. 25,000 per transaction. The monthly cap will be Rs. 1 lakh. With GCC, you can avail services such as cash deposit, cash withdrawal, and funds transfer by swiping your ATM/debit card and selecting the relevant transaction.
This green channel has become a threat to account holder as when ATM card is stolen then anyone can withdraw limitless money within few minutes. It also does not have authentication for large transactions like asking for PAN card or other identity proof or even signature of account holder. Kindly someone explain the withdrawal process through green channel if I am wrong.
The Green Channel Counter or GCC aims at providing customers with a simple, secure and quick way of executing daily banking transactions. Only the ATM cum Debit Card and PIN is needed to identify a customer and his / her bank account.
GCC is a counter manned by a teller where a Transaction Processing Device (TPD), similar to a PoS machine, is attached to the terminal. The customer swipes the shopping cum Debit Card, selects a particular transaction and enters the amount and the PIN. Post authentication, the transaction gets transferred to the teller’s terminal, who enters denominations of cash to be paid / received, then pays / receives cash and completes the transaction. The customer is provided with a printed receipt generated from the TPD. Since your PIN number is needed for all transactions, it is secure.
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