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Showing posts with label Micro-ATM. Show all posts
Showing posts with label Micro-ATM. Show all posts

Monday, 14 November 2016

22:27

Temporary Operational Changes in Limits and Waive Charges -Ministry Of Finance

Temporary Operational Changes in Limits and Waive Charges,

E-Payments :
  • All Central Government Departments and Public Sector Enterprises are being instructed to use the method of e-payments to the maximum extent possible.
  • RBI has advised National Payments Corporation of India (NPCI) to waive its      transaction charges on transactions settled through National Financial Switch(NFS) till 31st December, 2016.
  • Banks are also being advised to waive similar charges currently levied by them.

Limits of Withdrawal Enhanced
  • The withdrawal limit of Rs.20,000/- per week has been enhanced to Rs.24,000/-. The withdrawal limit of Rs.10,000/- per day has been removed.
  • The limit of Rs.4000/- for over the counter exchange against old Rs.500/- and Rs.1000/- notes has been increased to Rs.4500/-. This will enable the Banks to
  • give lower denomination notes for Rs.500/- while dispensing the remaining Rs.4000/- through Rs.2000/- notes.
  • The ATMs are progressively getting recalibrated. As and when they are recalibrated, the cash limit of such ATMs will stand enhanced to Rs.2500/- per
  • withdrawal. This will enable dispensing of lower denomination currency notes for about Rs.500/- per withdrawal. Other ATMs which are yet to be recalibrated,
  • will continue to dispense Rs.2000/- till they are recalibrated.
  • Business entities having Current Accounts which are operational for last three months or more will be allowed to draw Rs.50,000/-per week. This can be done 
  • in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments.
  • Adequate cash will be made available with District Central Cooperative Banks (DCCBs) to facilitate withdrawal from existing accounts. The cash withdrawal limits for Banks will apply in case of DCCBs also.

The above measures would substantially enhance the reach of the banking system to exchange notes and facilitate cash withdrawal from bank accounts.

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Thursday, 3 November 2016

19:10

IDFC Bank using micro-ATMs to make inroads into un-banked areas

IDFC Bank using micro-ATMs to make inroads into un-banked areas

Versatile, handy and less expensive, these devices help the bank gain market share
MUMBAI, OCTOBER 31:  
As a recent entrant to the world of universal banking, IDFC Bank is trying to change the vocabulary that one associates with the physical reach of the banking industry.

Given the advantages that incumbent players have in terms of branch network, it knows that replicating that will take time and cost money. So, if it has to reach the top, IDFC Bank cannot get there by doing more of the same but has to find a new way to drive its costs lower while expanding its distribution and acquiring more customers.

Rajiv Lall, the bank’s founder MD and CEO, says that the bank’s customer acquisition and servicing strategy has to be branch agnostic. He says it is not the number of branches that matter but the points of presence that matter, and these can be anything — a kirana store with a micro-ATM, a business correspondent outlet or a branch.

Eventually, of course, these points of presence may not be necessary as customers become more sophisticated and connect digitally — through internet or an app on the smartphone. IDFC Bank knows that in rural areas, that would take a little longer. For now, the emphasis is on getting rural customers to come on board.

A key tool
The key tool in the IDFC Bank strategy to target lower-income customers in non-urban or rural areas is a small device — a micro-ATM.

At a glance, it looks like a large tablet. It has an attached biometric scanner and thermal printer and is Aadhaar-enabled and interoperable. It can do everything a regular ATM can — and more.

Using multiple identifiers — whether it is your mobile number, Aadhaar number, debit card number or bank account number, one can perform all basic banking transactions.

So, you can do an account opening, deposit cash into any bank account, withdraw money from your account, undertake balance enquiry, get your statements, make funds transfers, remittances, etc. And customers of other banks can also transact on these instruments.

Importantly, these micro-ATMs come at a fraction of the cost of regular ATMs — estimates put them at about one-tenth the cost. So, that would be ₹50,000-60,000 per micro-ATM.

These micro-ATMs are handy and can be placed anywhere — in every village with connectivity; perhaps at a grocer, a chemist or panchayat office — and, of course, they can easily be disconnected and taken home by business correspondents.

In rural areas, where going to an ATM after nightfall may be difficult, this facility is helping improve financial access significantly, IDFC Bank officials say.

“You don’t need to go 10 km to reach an ATM or a branch now. Many farmers are now able to withdraw their fertiliser subsidy through this facility,” a bank official said.

The bank is also actively using the micro-ATM model to enable all government payments and direct benefit transfers, including pensions and scholarships, through interoperable Aadhaar-enabled payment services (AEPS) in Krishna district of Andhra Pradesh.

The bank will soon implement this model for the public distribution system (PDS) in partnership with the AP government. This will make PDS payments cashless and help take digital banking to the next level in rural areas.

The bank has made significant strides in AEPS through mirco-ATMs and has been among the top two banks in this area during the first half of this fiscal.

Market share
Careful placement of these micro-ATMs (where there are no other ATMs or branches) and the interoperability feature — through which the device can be used either through a phone number, card or Aadhaar number — has helped the bank gain market share.

After its success in making a dent in un-banked areas, IDFC Bank is also deploying these devices in metros such as Delhi and Mumbai to facilitate remittance of money from labourers and daily wage earners to the hinterlands. The bank has deployed about 820 micro-ATMs so far. It plans to double this number in the next six months.

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Monday, 22 August 2016

08:02

Mini ATMs - Made in India, Made for the World

Mini ATMs - Made in India, Made for the World

The PMJDY (Pradhan Mantri Jan Dhan Yojana) aims to ensure access to various financial services -- savings bank account, access to need based credit, remittances facility,        insurance and pension - to the excluded sections i.e. weaker sections & low income groups.
However, the last-mile of cash-disbursal remains a challenge:  Typically, a human agent with a POS device and a bag of cash is the means.  Designated as a “Micro ATM”, such a human agent is generally considered the key technology product for last-mile delivery of the PMJDY scheme and DBT (Direct benefit transfer). But such “Micro-ATMs” have never worked satisfactorily for a number of reasons, compelling the beneficiaries to visit the bank or head post office, which is not nearby, to obtain the payment.
On the other hand, a conventional ATM is considered an overkill for deploying in these contexts.  In the emerging economies like India, the major challenge in deploying ATMs in semi urban/ rural areas is to provide 24/7 availability at a viable cost.  Grid power availability is a major challenge in these areas, and high cost involved in power backup solutions for traditional ATMs with high power rating and the air conditioner needs makes it unviable to deploy ATMs.
Pioneering Low Footprint – Desktop/Mini ATMs for shared spaces:
The above business challenges warrant reducing the costs in running an ATM network in tier IV-VI locations. Vortex has pioneered an innovative Desk Top/Mini ATM solution, operating typically in day time hours, located in a shared space, consuming low power (solar backup) and with connectivity through GSM/CDMA dongle.
With the Desktop/ Wall mounting possibilities these ATMs can be installed in shared spaces within the post offices/ Kirana stores / common service centres. These Mini ATMs offer a low cost and high impact solution to the problems of not just the beneficiaries who want to access their balances, but also a befitting solution for the Banks and the ATM operators.
These Mini ATMs eliminate the shortcomings of the regular ATM installation by reducing the Cap-ex and Op-ex costs, making it viable for the ATM to break even at 40 to 50 transactions per day.
Setting benchmarks in Indian Design
The “Ecoteller Mini” comes with a “completely India designed” and patented dispenser technology.  The software component of this ATM is based on Open Source technology which is also in line with current Govt. of India policy for public sector enterprises & in line with the “Digital India” initiatives. 
Why Small is indeed Beautiful
  • This first of its kind smaller ATMs can be mounted like a post box in shared spaces within office/ bank/ post office lobby, kirana shops, hospitals, Metro stations, IT parks, shopping malls, etc.,
  • Easy Mobility: Can be easily ported wherever required
  • The low foot print (2 sq.ft) reduces the space requirement, hence it brings down the rental overhead in commercial spaces
  • No separate space to construct an ATM centre is required as it can be easily fixed in the available space within the banks’/ post office’s premises
  • As it can be deployed in the available shared space, no ATM centre construction cost is involved. E.g: separate infrastructure like glass doors, wall, ceilings etc.,
  • Exclusive surveillance costs like security personnel, security systems like CCTV is not involved due to usage of shared spaces
  • Provision to include cash deposit function
  • Low OPEX and CAPEX

 Source:IBEF
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Friday, 4 September 2015

07:48

Infosys launches solutions for small finance, payments banks

Infosys launches solutions for small finance, payments banks

Infosys today launched two new financial products for the Indian market that will help it tap the multi-million dollar opportunity in the newly announced payments banks segment.
The two products - Finacle Payments Bank and Finacle Small Finance Bank solutions - are part of EdgeVerve Systems, the product subsidiary of Infosys, the country's second largest software services firm.

"These solutions are specifically tailored for organisations seeking payments banks and small finance banks licenses from the Reserve Bank of India (RBI). With these solutions, licensees can set up the required technology backbone and become operational quickly," Infosys Finacle Regional Head for Growth Markets Venkatrama Gosavi told PTI.

The solutions will enable the new entrants to focus on their business goals right from the start of their operations, he added.

Last month, RBI granted 'in-principle' approval to 11 entities, including Reliance Industries, Aditya Birla Nuvo, Vodafone and Airtel, to set up payments banks in the country.

The other entities include Department of Posts, Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, Sun Pharma's Dilip Shantilal Shanghvi and PayTM's Vijay Shekhar Sharma.

Infosys' solutions provide capabilities to enable various distribution models like traditional banking, agency banking, mobile wallet, and micro ATMs.

"These solutions are also available in a hosted environment apart from on-premise, which ensures low capital investments. It will enable new license holders to make investments based on consumption and scale-up depending on business demand," Gosavi said.

The customers will also have access to integrated analytics to help create customised offerings and address emerging market needs.

A dominant player in the banking solutions space, Finacle has 70 per cent share of the top 40 banks in India. It also powers over 100 cooperative banks in India.
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Sunday, 30 August 2015

13:24

State Bank of India not averse to fund startups


State Bank of India not averse to fund startups 

MUMBAI: The country's largest lender State Bank of India is keen to play a part in the flourishing startup scene, and is open to invest in a financial sector company which can help in its operations, a senior official has said. 

"We are open to engage with start-ups...this will be a strategic one wherein we can invest in a financial sector company which could help us," a senior bank official said over the weekend. 

The bank has neither invested in any startup yet, nor in talks with any, the official added. 

When asked if it is looking at creating a dedicated fund within the bank, as many corporates have done, the official replied in the negative. 

"Funds are not a problem. If we get the right fit, there are various avenues through which we can invest," the official said, adding one such vehicle might be doing it through the Oman India Joint Investment Fund. 

Last week, a media report said chairperson Arundhati Bhattacharya had a meeting with start-ups in Bengaluru in which new companies from the financial services sector presented their potentially disruptive solutions. 

he RBI decision to increase the cash-out limits at the POS terminals in rural areas is a welcome move, the official said, adding 1.06 lakh of its P0S machines have the capability to act as micro-ATM which can help the merchants with their cash management. 

Over a three-year period, the bank is planning to increase its P0S machines to 1 million, which will make it the largest in the P0S network in the country, the official said. 


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