The private lender Kotak Mahindra Bank Ltd has announced the launch of Micro ATMs across the country. Customers of all banks who possess a debit card can use a Kotak Micro ATM for key banking services such as cash withdrawals and checking account balances. A mini version of an ATM, micro ATMs are small handheld devices. The bank will use its extensive Business Correspondents (BC) network to launch micro ATMs.
About the Micro ATM:
- The micro ATM is a simple, innovative and highly effective solution to deliver essential banking services such as cash withdrawals in a convenient manner to people residing in relatively remote locations.
- 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 will help customers of all banks (Kotak and non-Kotak customers) get easy access to their bank accounts and promote financial inclusion.”
Important takeaways for all competitive exams:
- Kotak Mahindra Bank Establishment: 2003;
- Kotak Mahindra Bank Headquarters: Mumbai, Maharashtra;
- Kotak Mahindra Bank MD & CEO: Uday Kotak.