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“Micro ATMs would particularly help address the problems that people are facing in rural and semi-urban areas, where the ATM network is not as strong currently”, Department of Economic Affairs Secretary Shaktikanta Das.
What are Micro ATMs?
Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.
How is it more convenient ?
1. According to bankers, the cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. ( cite copy, and link)
2. It is portable
3. Micro ATM has connectivity through GSM, hence it can travel from village to village, said Das during a press interaction on Monday.
How does micro ATM work?
Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people ). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.