After Demonetization of higher denomination notes of Rs 1000 and Rs 500, people are having no choice other than exchanging the old series notes with new one. Due to limitation on withdrawal and long queue outside the bank and post offices, there are many who could not be able to withdraw the money for their daily expenses also.
In order to minimize the panic among people government has directed banks to implement as much as possible micro ATM especially in rural areas preferably to BC or Banking correspondent. Read : How To Exchange Banned Rs 500 & Rs 1000 Currency
What is Micro ATM and how does it help in controlling people ?
Micro ATM are very similar to hand held device as like POS, which is Aadhar enabled with biometric authentication for identification. There are multiple options for operating account including account number, Aadhaar number, linked phone number and ATM Card Number.
The following services shall be offered as part of the microATM :
- e-KYC based account opening: Paperless account opening , just by linking Aadhaar Number and biometric authentication via fingerprint capturing.
- Cash In/Out: Withdraw as well as deposit cash at the microATM centers. Cash can be deposited to third party accounts .
- Account Servicing: Various account servicing requests such as account balance enquiry, account particulars updation, mini-statement will be offered through the microATM centres, thus bringing the bank to the customers.
- All Government Payments: Various Government payments can now be more easily availed by the end customer through easy withdrawals/deposits through the microATM centres.
- ATM transactions: MicroATM centres shall support all transactions which can be normally conducted at a Bank’s regular ATM.
- Utility Payments: The customer will be able to make various utility payments such as payment of electricity bill, water bill at the microATM center thus removing the need for the customer to visit these respective centres and offering a one stop solution.
- Remittances: the microATM centers along the “Payment Corridors” shall help the customers in two ways. On one hand they will be able to deposit money into the accounts of the recipients, whereas the recipients shall be able to withdraw the same as per their requirement.
- DTH Bill Payments etc.: The microATM centers shall also support the payments for various other services such as DTH and other bill payment services.