Airtel Payments Bank to install 1.5 lakh micro-ATMs this fiscal
By MYBRANDBOOK
Airtel Payments Bank is rolling out 1.5 lakh micro ATMS in a phased manner across tier 2 cities and semi-urban regions to facilitate cash withdrawal for its customers. The company plans to finish the rollout of 1.5 lakh micro-ATMs by the end of the current fiscal.
The micro-ATMs will be handled by Banking Correspondents (BCs) who will initiate the transaction by entering the withdrawal amount. The customer will insert their debit card into the device and enter the PIN to confirm the transaction. The BC will authorise the transaction by entering their MPIN to complete the transaction.
The bank will leverage its strong network of over 5 lakh banking points across India to give users access to easy cash withdrawals through this initiative. Airtel Payments Bank customers will be able to withdraw up to Rs 10,000 per transaction through the Micro ATMs.
The company said, “Micro ATMs will be rolled out in a phased manner. Initially, the bank will place 1,50,000 units in Tier II cities and semi-urban regions. These regions typically have a high demand for cash withdrawal services but limited access to ATMs. We are committed to building a financially inclusive India by making banking services accessible to all. The launch of Micro ATMs is one more step by us to empower customers residing in the rural pockets of the country.”
Airtel Payments Bank Chief Operating Officer (COO) Ganesh Ananthanarayanan said, “It is the first device launched by the Bank, and we are truly excited, as it allows us to service customers of any bank who use a debit card. Micro ATMs are an important addition to our existing bouquet of differentiated services.”
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