In our daily life, ATM has become an indispensable part. We don’t prefer to carry a lot of cash as it is difficult and risky. On the other hand, by carrying a debit card you are virtually carrying all your savings as withdrawing cash has been made very simple with the advent of the ATM. Under the initiative of Digital India, physical exchange of currency has become much lesser because now you can easily transit money from one account to another by just a click. For a banking aspirant, it is very important to know that there are different types of ATM as questions do come from this topic in main examination as well as in Interview and a banking aspirant in general is expected to have the basic knowledge of the banking. So, in this article we will be discussing different types of ATM in India.
An ATM (AUTOMATED TELLER MACHINE) or ABM (AUTOMATED BANKING MACHINE) is an electronic telecommunication device that enables customers to perform various financial functions such as:
- Cash withdrawal.
- Cash deposit.
- Fund transfer.
- Account information.
- Regular bill payment.
- Balance enquiry.
- Mini statement. etc. Without the need of any banker or a cashier.
ATM & Important Facts
Before we read some more details about the ATM and its types etc., let’s first look into some of the common facts about the Automated Teller Machine (ATM):
When was the first ATM invented?
Chemical bank installed the first cash machine in the US on September 02,1969 at its branch in Rockville Centre New York.
When was the first ATM installed in India and who installed it?
Hongkong and Shanghai Banking Corporation (HSBC) installed its ATM and India’s First ATM at their Sahar Road Branch, Andheri East in Mumbai in 1987.
NOTE: There are more than 3.5 billion ATM machines all over the world.
Who invented the ATM?
The ATM was invented by John shepherd-Barron (a British) and Donald Wetzel (An American).
Some more facts about ATMs in India:
- There are 222,318 ATMs in India as per June 2019.
- Maharashtra has the highest number of ATMs in India.
- SBI is the bank which have the highest number of ATMs i.e. 59,521 installed in India.
- Ahmedabad is the city to have India’s first talking ATM.
- Maximum limit of cash withdrawal in an ATM is Rs. 50,000 a day.
Important Facts Related To ATM’s In India:
ATMs in the country: 2,21,703 till March 2019
Banks having the maximum no of ATM: State Bank Of India
State having highest number of ATM’s: Maharashtra with 25,651 ATM
India’s first talking ATM’s: Ahmedabad, launched by Union Bank Of India
Only country where you can NEFT form India: Nepal
What Is ATM?
ATM is Automated teller machine which is a computerized machine which provides the customers of banks the facility of accessing their account for dispensing cash and to carry out other financial & non-financial transactions without the need to actually visit their bank branch.
Types Of Cards Used In ATM
The ATM cum debit cards, credit cards and open prepaid cards ( that permit cash withdrawal) issued by banks can be used at ATM for various transactions.
Types of ATM In India
These ATMs are inside the bank compound and hence are known as Onsite ATMs.
These ATMs are located in various places except inside the bank premises and thus named as Offsite ATMs.
White Label ATM
These ATMs are set up & owned by Non-Banking Financial Companies and offer all the services are known as White Label ATMs.
Yellow Label ATM
These ATMs are mainly installed to provided for E-Commerce facility.
Brown Label ATM
These ATMs are not owned by the bank instead they are taken on lease to provide the service to the customer.
Orange Label ATM
These ATMs are used in the share transaction.
Pink Label ATM
These ATM are meant only for Women.
Green Label ATM
These ATMs are installed for the transaction related to agriculture.
Types of ATM in India Help you in exams to understand the basic knowledge of the banking awareness about Types Of ATM in India.