A Micro ATM is a compact, portable device that provides basic banking services in remote or underserved areas, allowing customers to access their bank accounts without visiting a full-scale ATM or bank branch. These devices are typically operated by banking correspondents (BCs), often stationed in rural regions, and they work in conjunction with Aadhaar Enabled Payment Systems (AEPS) or regular debit cards.
Key features of Micro ATMs include:
Cash Withdrawal & Deposit: Customers can withdraw or deposit money using their Aadhaar number, fingerprint authentication, or debit card.
Balance Inquiry: Users can check their account balance in real-time.
Fund Transfers: Micro ATMs allow secure transfer of funds between accounts.
Mini Statements: Account holders can access a brief statement of recent transactions.
Micro ATMs are crucial in extending the reach of formal banking services to people in remote locations who might otherwise lack access to a physical branch. By enabling banking correspondents to offer services through these devices, financial institutions can provide essential banking services in areas with limited infrastructure, promoting financial inclusion and empowering communities to participate in the digital economy.