Q.Justify the following statement.
Cash can be withdrawn from ATM at any time.
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Start your 14-day free trial to unlock the full solution →The statement is TRUE. An ATM is an automated banking machine that operates 24x7 throughout the year, allowing a cardholder to withdraw cash at any time and from many locations without visiting the bank.
An ATM (Automated Teller Machine) is an electronic banking outlet that allows customers to complete basic transactions without the help of a bank cashier. It is one of the important modern banking services. The statement that cash can be withdrawn from an ATM at any time is justified as follows:
1. 24x7 availability: ATMs operate twenty-four hours a day and 365 days a year, including Sundays and holidays. Banking hours do not restrict ATM use, so cash is available at any hour.
2. No need to visit the branch: A customer need not go to the bank counter and wait in a queue. Using an ATM-cum-debit card along with a secret PIN, money can be withdrawn quickly and conveniently.
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