In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas.
What are Micro ATMs?
Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it.
In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach.
Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.
How does micro ATM work?
Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people ).
The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.
Background:
In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.
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