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 Bank will gradually expand its service to cover more banking points in a phased manner. 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.
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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.
Benefits of Micro ATMs:
- 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.
Important takeaways for all competitive exams:
- Airtel Payments Bank Founded: January 2017;
- Airtel Payments Bank Headquarters: New Delhi;
- Airtel Payments Bank Managing Director & CEO: Anubrata Biswas.