In its bid to cater to the financial needs of lakhs of devotees turning up at the ongoing Simhasth Kumbh festival in Ujjain, IDFC Bank Limited has set up a AEPS (Aadhar Enabled Payment System) Micro ATM.
Business Correspondents of IDFC Bank carrying the handheld interoperable Micro ATM would help devotees to undertake a range of banking transactions during the month-long festival. Through the Micro ATM, devotees will be able to do cash withdrawal, deposit, balance inquiry, and fund transfer, apart from opening new accounts. Customers of all banks will be able to transact by using Aadhaar-based authentication (Aadhaar number and biometric verification).
Notably, Simhasth Kumbh Mahaparv is one of the four Kumbh Melas and is celebrated by taking a holy dip in the river Kshipra in the religious city of Ujjain. The month-long festival will continue till May 21.
Speaking on the micro ATM initiative, Mr Ravi Shankar, Head – Bharat Banking, said, “IDFC Bank’s Micro ATM concept is an innovation, and part of our effort to substantially improve last mile financial access in rural locations and enhance customer experience.”
The Micro ATM enables digital transactions, withdrawals and other banking services for customers of around 3,000 banks. It also provides instant account opening and activation. The Micro ATM works on multiple identifiers including Aadhar-based authentication, mobile numbers and bank account numbers.
Currently, IDFC Bank has Micro ATMs installed across the districts of Harda, Hoshangabad, Khandwa, Narsingpur, and Raisen in Madhya Pradesh. The bank offers banking services in rural and semi-urban markets through Bharat Banking. As of March 31, IDFC Bank’s Bharat Banking division had about 45 branches.
IDFC Bank, which commenced operations on October 1, 2015, has a network of 60 branches under its Bharat Banking, Consumer Banking and Commercial and Wholesale Banking divisions. IDFC Bank’s vision is to deliver banking anytime, anywhere at scale, by using technology to relentlessly drive efficiency and set new standards of customer experience and convenience.