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Micro ATM

Micro ATM signifies to be a device that is used by a million Business Correspondents (BC) to deliver fundamental banking services. The platform will enable Business Correspondents (who could be a local kirana shop owner and will act as Micro ATM signifies to be a device that is used by a million Business Correspondents (BC) to d ) to conduct instant transactions.The micro platform will enable a function through which low cost devices linked to banks across the country. This would enable a person to fastly deposit or withdraw funds regardless of the bank associated with a particular BC. This device will be build on a mobile phone connection and would be made obtainable at every BC. Customers would just have to get their identity authenticated and withdraw the money into their bank accounts. This money will come from the cash drawer of the BC. Essentially, BCs will act as bank for the customers and all they need to do is verify the authenticity of customer using customers' UID. The fundamental transaction types, to be supported by Micro Atm transfer and Balance enquiry. Working of link is similar to normal ATM machine.Firstly, you need to undergo via a verification process. For the verification process, Aadhaar card with fingerprint scanning or card swipe option is provided. Once verification is completed,it will display various transaction options. You need to select the option and device will process the transaction. On successful transaction, a message will be displayed on the screen and print receipt is generated. You will also get a SMS alert from your bank about the transaction. Micro ATM provides facility for the transaction for all banks. However, it is mandatory to link your Aadhaar card with your bank account in order to use this facility. What are the benefits of using Micro ATM -One can extend banking services anywhere in the remote area using -It is a low cost option for the existing ATM -Micro ATMis portable device. -Easy to carry, easy to setup anywhere in the remote areas. -Biometric enabled secured transactions -Interoperable devices, and they can work for any bank -Useful to help people during the demonetization process. This is invented to help people of the rural area for the financial inclusion. However, in heavy cash crunch problem like today these types of machines is boon to everyone.Banks, financial entities and insurance companies are progressively moving towards taking services closer to their customers. Customer registration right from the field, doorstep banking and biometric-based authentication systems are examples of outreach initiatives that these financial institutions have begun to employ to expand services to the doorstep of the customer and improve the level of customer convenience and service.