Customers of all banks having debit cards can use Kotak micro atm For major banking services like cash withdrawal and account balance check. A smaller version of ATM, micro ATMs are small handheld devices. The bank will use its extensive Business Correspondent (BC) network to launch micro ATMs.
“Micro” ATM It is a simple, innovative and highly effective solution to provide essential banking services like cash withdrawal in a convenient manner to people living in relatively remote locations,” said Puneet Kapoor, President – Products, Alternative Channels and Customer Experience Distribution. Box Mahindra Bank. “It is a viable alternative to a regular ATM, allowing for faster expansion and increasing banking touchpoints for consumers. Kotak’s network of micro ATMs across the country is available to customers of all banks (Kotak and non-Kotak customers). This will help them to have easy access to their bank accounts and promote financial inclusion.
At the end of August, there were 2.13 lakh ATMs in the country, a marginal increase of 1.5% from 2.09 lakh in the same period last year. On the other hand, micro-ATMs have grown to 4.94 lakh as against 3.07 lakh in August last year, which is an increase of over 60%.
In the first stage, Mahindra Bank Box Launching Micro ATMs on the outskirts of top 8 metro cities – places where there is a high demand for cash withdrawal services but low ATM usage.