Wednesday, September 27, 2023

Micro ATMs rolled out to ease cash crunch

Himalayan Paths

Jamshedpur, Nov. 21: People have started withdrawing money from Micro Automated Teller Machines (ATMs) rolled out in the city.

The concept of Micro ATM has been initiated by the government to ease the cash crunch situation and to beat the queues due to the demonetization move in the country.

Banks have appointed agents to run a micro ATMs to help the people of rural and semi-urban areas, where the network of ATM is not strong. The banks recently allowed only senior citizens to withdraw or exchange cash.

Chief manager of SBI Kumud Jha informed that they have started the facility of micro ATMs. ” It’s a mobile swipe machine which will be accompanied by our staff.

People wanting cash can swipe their debit ATM cards. Their account would get debited. Our staff accompanying the mobile facility would provide the requisite to the customer,” he explained.

Soon after the news of demonetization, all banks across the country are flooded with people to exchange, withdraw or deposit their funds. So if you are saddled with the serpentine queues at the ATM�s and banks, there�s good news for you.

Government has announced the introduction of Micro ATM�s in order to help people stuck in current scenario. The government has given directions to banks to introduce around 2,00,000 micro ATMs out of which 1,10,000 such ATMs in rural areas and about 90,000 in urban and semi-urban areas.

These Aadhaar enabled micro ATMs does around 70000 transactions per week and it will definitely reduce some stress on the banks and ATMs across the country.

Micro ATMs are GPRS enabled portable device which looks very similar to card swiping machine. It is Aadhaar compatible since it has fingerprint scanner attached to it.

This machine comes to your place in an ATM van.

This machine was initially introduced to provide banking services in the remote locations, but soon after the demonetization of currency, government decided to use it overcome the cash problem in the country.

The customer just need to use his/her debit card just like it is used in ATM and once the card is swiped, it gets connected to the core banking system. Soon after the money gets debited or credited from the account.

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