Automated Teller Machine (ATM)

Automated Teller Machine (ATM)

An ATM is an electronic telecommunication device that enables the ATM card holders to perform financial transactions, particularly cash withdrawal, without the need for a human cashier or bank teller.

The Services normally offered at an ATM are:

• Cash withdrawal
• Cash Deposit
• Account information
• Regular bills payment
• Balance Enquiry
• Mini Statements
• Money Transfer

Note– Banks have been asked to resolve the complaints of the customers regarding failed ATM transactions within 7 working days from the date of complaint by re-crediting the customer’s account otherwise banks will have to compensate the customer with an amount of Rs. 100 per day for delays beyond 7 working days.

List of various types of ATMs and their features:

White Label ATMs

White Label ATMs are those ATMs which are set up, owned and operated by NBFCs. These are incorporated under Companies Act 1956, and can be opened only after obtaining RBI’s approval.

Brown Label ATMs

In these ATMs hardware and the lease of the ATM machine is owned by a service provider whereas cash management and connectivity to banking networks is provided by a sponsor bank.

Online ATMs

These ATMs are connected to the bank’s database at all times and provide real time transactions online. The withdrawal limits and account balances are constantly monitored by the bank.

Offline ATMs

These ATMs are not connected to bank’s database- hence they have a predefined withdrawal limit fixed and you can withdraw that amount irrespective of the balance in your account.

Onsite ATMs

Onsite ATMs are the ATMs installed within a branch’s premises.

Off-site ATM

Off-site ATMs are the ones which are installed outside the bank premises and are located at places such as shopping centres, airports, bus stops, railways station etc.

Green Label ATMs

These ATMs are installed specially for carrying out Agricultural related transactions.

Pink Label ATMs

These ATMs are installed specially to encourage women banking.

Key Points:

• First ATM in India: HSBC Bank in 1987 (Mumbai)
• State having highest number of ATM’s: Maharashtra
• India’s first talking ATM’s: Ahmedabad
• First floating ATM: Kochi, Kerala
• World’s Highest ATM: Nathu – La (14,300 feet above sea level)

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