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Cash Crunch: Govt now banking on Micro-ATMs, know all about the device

Through Micro-ATMs, Government Will Address The Problems That People Are Facing In Rural And Semi-urban Areas, Where The ATM Network Is Not Strong. Know What Are Micro-ATMs And Their Various Aspects.

News Nation Bureau | Edited By : Apoorva Nawaz | Updated on: 14 Nov 2016, 08:00:37 PM
Govt now banking on Micro-ATMs, know what are they?

New Delhi:

To ease the cash crunch and chaos after the demonetisation of Rs 500 and Rs1000 currency notes, government is now relying on a relatively new Micro-ATMS. The Department of Economic Affairs Secretary Shaktikanta Das has said that micro-ATMs will be set up across the country to get rid of the cash-crunch situation. Through micro-ATMs, government will address the problems that people are facing in rural and semi-urban areas, where the ATM network is not strong. Know what are Micro-ATMs and their various aspects. 

What are Micro-ATMS?
Micro-ATMs are biometric authentication and Repay/ Debit cards enabled hand-held machine, like swipe machines. The ATMs would be touch based user-interface and it will include a supporting card reader along with a receipt printer for printing receipts for all transactions. The integrated fingerprint sensor shall be used for authenticating all transactions.

What Micro-ATMs can do?

 Through Micro-ATMs, a person can instantly deposit, withdraw money, remittance and pay utility bills. The money transaction would be done irrespective of the banks that person has account in. 

WATCH MORE: Micro ATMs, new notes at cash machines: Top 10 things Economic Affairs Secretary announced in his presser

Where they will be available?
These Micro-ATMs will be made available with a bank mita and bank correspondents in the rural areas. 

Safety features of Micro-ATMs
To operate the Micro-ATMs people would have to authenticate his identity through account number, Pan card, Aadhaar number, linked phone number and ATM Card Number. 

Benefits of Micro-ATMs

  • Low cost
  • Viable at rural/semi urban areas.

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First Published : 14 Nov 2016, 06:28:00 PM

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Micro-ATMs Demonetisation