Understand your Credit card /Debit card number

Credit card/Debit card numbers means a lot . Let explore this .A credit card or debit card can anywhere from twelve to nineteen digits long. Most credit cards/debit card consist of sixteen numbers.

The First Digit ( It is called a Major Industry Identifier)

    1 and 2 are Airline cards
    3 – Travel and Entertainment
 ex. Amex
    4, 5 – Banking and Financial
    ex. Visa, Mastercard
    6 – Merchandising and Banking
    ex. Discover, Diners Club
    7 – Petroleum
    8 – Telecom
    9 – Misc.

Digits 2 to 6 (Issuer ID)

Although all Visa cards start with the number 4, the following 5 digits indicate which bank that issued the Visa card. Mastercards start with 5, Discover starts with 6. You’ll notice that some websites don’t ask you what type of card you have — they obviously know what the digits on the card mean.

Digits 7to 15 (Account ID)

The unique number that identifies your account

Digit 16 (Checksum)

This single digit is one of the most important ones on the card. Much like the last digit of a barcode, the sole purpose of this digit is to allow validation of the rest of the number. In other words, there is a mathematical relationship between the numbers on the card, so if the number is entered incorrectly, the card validator system can indicate the card number was entered incorrectly.

RBI asked bank ATM to remove ATM Cash Retraction

What is cash retraction: Whenever you use your card at an ATM to withdraw cash, you have to get a few seconds to a little over a minute to collect the cash money. This time-lint varies from bank to bank.  if you are distracted for any reason for example if you are on  a call on your mobile and  you are unable to collect your money within that time limit, the ATM swallows the cash and keeps  it in a separate tray in the machine. The amount is re-credited to your account after a while.

 But from  now according to RBI guidline, if you fail to collect the cash, the ATM won’t (retract) eat it up. Instead, the money will remain at the mouth of the ATM, till the time the greens are collected. Which means, for some reason, if you forget to collect the cash (and this does happen), as soon as it is spitted out, someone else might be able to take it.  Banks like HDFC Bank Ltd already have posted this notice on their website and ATM screens

The good thing is that you will not be at the mercy of a time-window to collect your the cash. The disadvantage of this sytem is that, you forget to pick the cash this would lead to loss. So, the next time you are at the ATM, be careful to take you dispened cash completely

RBI asked bank ATM to remove ATM Cash Retraction

What is cash retraction: Whenever you use your card at an ATM to withdraw cash, you have to get a few seconds to a little over a minute to collect the cash money. This time-lint varies from bank to bank.  if you are distracted for any reason for example if you are on  a call on your mobile and  you are unable to collect your money within that time limit, the ATM swallows the cash and keeps  it in a separate tray in the machine. The amount is re-credited to your account after a while.

 But from  now according to RBI guidline, if you fail to collect the cash, the ATM won’t (retract) eat it up. Instead, the money will remain at the mouth of the ATM, till the time the greens are collected. Which means, for some reason, if you forget to collect the cash (and this does happen), as soon as it is spitted out, someone else might be able to take it.  Banks like HDFC Bank Ltd already have posted this notice on their website and ATM screens

The good thing is that you will not be at the mercy of a time-window to collect your the cash. The disadvantage of this sytem is that, you forget to pick the cash this would lead to loss. So, the next time you are at the ATM, be careful to take you dispened cash completely

SBI to introduce bar-enabled ATMs for seamless bill payment facility in West Bengal

If you are not tech savvy and have to stand in the long queue to pay bills, then you have a reason to smile. SBI is introducing barcodeenabled ATM throughout the country for seamless bill payment facility . The facility will be available in phases to over 5 crore SBI customers across the country.
An official from SBI said that this specialised ATM will take care of all the bills which has a barcode . “This can be used to pay mobile , electricity, credit card as well as civic authority bills,” he said.

According to him, the first such ATM will be rolled out in West Bengal’s Mursidabad district, which houses the constituency of FM Pranab Mukherjee. In the first phase, the state will have three such ATM machines.

Later, 13 more barcode-enabled ATMs will be rolled out. The official added that it has already tied up with Airtel and Vodafone.