After Demonetization of Rs 1000 and Rs 500 currency by government, a lot of chaos created among people for exchanging old denomination note with new one. Cash crunch have been created among people of all category as there are many restriction on depositing and withdrawing the money.
Government has taken many decision in order to settle down the chaos and one of the decision which is implemented is setting up of Micro-ATMs which are ideally meant to allow an individual to deposit or withdraw funds from any bank debit card.
How Does Micro ATM work ?
Though this is the new concept for Indian customer base, Micro ATM are basically small ATM type machine which perform basic financial transactions using their Aadhaar number , Mobile number with biometric fingerprint as identity proof. It is very similar to point of sale (PoS) terminals but these devices are handheld by bank’s business correspondents to accept deposits and dispense cash.
Beside this Micro ATM also performs following services
- e-KYC based account opening, account servicing,
- remittances, utility payments, account servicing etc, apart from withdrawal and deposit facility.
- Funds transfer
- Balance enquiry
How To Use Micro ATM ?
[highlight]Read :[/highlight] Indian Government Banned Rs 500 and Rs 1000 Currency Notes
In order to use the micro ATM, Card holder needs to provide his/her aadharr card along with fingerprint and Customer Bank Identification code.
Bank Identification code is a six digit number which locate and identify your bank along with linked Aadhaar number. Micro ATM are being utilized currently by bank’s at large for enabling payment in government schemes like NREGA, Social Security pension, Handicapped Old Age Pension etc.