MICRO ATMs

Micro ATM is meant to be a device that is used by a million Business Correspondents (BC) to deliver basic banking services. The platform will enable Business Correspondents (who could be local Kirana shop owners and will act as ‘micro ATM’) to conduct instant transactions. The micro platform will enable function through low-cost devices (micro ATMs) that will be connected to banks across the country. This would enable a person to instantly deposit or withdraw funds regardless of the bank associated with a particular BC. This device will be based on a mobile phone connection and would be made available at every BC. Customers would just have to get their identity authenticated and withdraw or put money into their bank accounts. This money will come from the cash drawer of the BC. Essentially, BCs will act as banks for the customers and all they need to do is verify the authenticity of customers using customers’ UID. The basic transaction types, to be supported by micro ATM, are Deposit, Withdrawal, Fund Transfer, and Balance inquiry.

• Transaction limits up to Rs. 45000/- day at POS/E-Commerce
• Acceptable at all ATMs and RuPay POS NFS