Airtel Payments Bank to install 1.5 lakh micro ATMs this fiscal

Airtel Payments Bank has started 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 said on Wednesday. The Bank will gradually expand its service to cover more banking points in a phased manner.

“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,” the company said in a statement.

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, it added.

The company has plans to finish the rollout of 1.5 lakh micro ATMs by the end of the current fiscal.

Airtel Payments Bank is now integrated with the National Payments Corporation of India’s (NPCI) – National Financial Switch (NFS) to facilitate micro ATM transactions.

“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.

“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,” Airtel Payments Bank Chief Operating Officer Ganesh Ananthanarayanan said.

Airtel Payments Bank customers will be able to withdraw up to Rs 10,000 per transaction through the Micro ATMs.

The micro ATMs will be handled by Banking Correspondents (BCs) who will initiate the transaction by entering the withdrawal amount. The customer will then 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.

Source: Economic Times

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