Team Adda247 and Bankers Adda have introduced a Special Banking Awareness series for SBI and IBPS Interviews 2021. In this series, we will be introducing the candidates with some banking awareness topics On a daily basis that will improve their general awareness and will also ensure that the candidates do not lack in any banking term when it comes to the interview round. Today the topic of our banking awareness series is ATM in India . To know more about this banking awareness special series click on the link below
ATM in India
ATM is short form of Automated Teller Machine which is the shared network of National Financial Switch (NFS). The first ATM in India was set up in India by HSBC bank in 1987 in Mumbai. RBI has given authority to NPCI (National Payment Corporation of India) to take over the operations of NFS.
Banks in India which are providing core banking services with 24*7 transactions with or without ATMs may join the National Financial Switch through sponsor bank, which allows non-scheduled and Urban Co-operative Banks and Regional Rural Banks (RRBs) to gain access of ATMs in the country.
Services offered by ATMs:
Cash Withdrawal, Balance Inquiry, PIN changing, Mini statement, Balance of mobile phone, Instant fund transfer etc.
Different types of ATMs:
1.) White label ATMs: When ATMs are managed, operated and owned by non-bank entities but not doing outsourcing from a bank is called as ‘White label ATMs’.
2.) Brown label ATMs: If banks outsourced the ATM operations to a third party and charging operation fees from them is called as ‘Brown label ATMs’.
3.) Green label ATMs: ATMs which are set up specifically for Agricultural Transaction are ‘Green label ATMs’.
4.) Pink label ATMs: These types of ATMs are designed and setup for only women customers. This is the solution for mitigating the problem of women standing in long queues at ATM centre.