Micro ATM meant to be a device that is used by a million Business Correspondents (BC) to deliver basic banking services. The platform will enable Business Correspondents (who could be a local kirana shop owner and will act as ‘micro ATM’) to conduct instant transactions.
The micro platform will enable function through low cost devices (micro ATMs) that will be connected to banks across the country. This would enable a person to instantly deposit or withdraw funds regardless of the bank associated with a particular BC. This device will be based on a mobile phone connection and would be made available at every BC. Customers would just have to get their identity authenticated and withdraw or put money into their bank accounts.
Micro ATM Details
Transactions done at Micro ATM
- Cash Withdrawal (cash out from bank account)
- Balance Check / Enquiry
- Mini Statement (subject to service availability)
Benefits of Micro ATM
- Now convert your shop into ATM
- This is a low costs option for existing ATMs
- The device used is portable in nature
- Easy to carry, easy to setup anywhere in remote areas
- Interoperable equipment that can work for any bank
- Helping people to be useful in the process of demonetization