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With reference to the Micro ATMs, consider the following statements:
1. They are card swipe machines through which banks can remotely connect to their core banking system.
2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to the Micro ATMs, consider the following statements:1....
In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas.
- Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it.
- In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach.
- Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.
- Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people).
- The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.
Background:
- In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.
Advantages
- The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000.
- It is portable
- Micro ATM has connectivity through GSM, hence it can travel from village to village
Disadvantages:
- Micro ATM cannot provide 'anytime' money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction.
- Hence both statements are correct.
Most Upvoted Answer
With reference to the Micro ATMs, consider the following statements:1....
In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas.
- Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it.
- In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach.
- Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.
- Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural people).
- The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.
Background:
- In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.
Advantages
- The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000.
- It is portable
- Micro ATM has connectivity through GSM, hence it can travel from village to village
Disadvantages:
- Micro ATM cannot provide 'anytime' money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction.
- Hence both statements are correct.
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Community Answer
With reference to the Micro ATMs, consider the following statements:1....
Explanation:
1. Micro ATMs Overview:
- Micro ATMs are card swipe machines that allow banks to remotely connect to their core banking system.
- These devices enable basic banking services like cash withdrawal, deposit, funds transfer, and balance inquiry in remote areas.
2. Comparison with PoS Terminals:
- Micro ATMs are indeed similar to point of sale (PoS) terminals in terms of functionality.
- They serve as a doorstep mobile banking arrangement cum-mobile ATM device, providing banking services at the customers' convenience.
Conclusion:
- Both statements are correct as Micro ATMs serve as a vital link between customers in remote areas and the banking system.
- These devices play a crucial role in financial inclusion and ensuring access to banking services for all sections of society.
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With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Micro ATMs, consider the following statements:1. They are card swipe machines through which banks can remotely connect to their core banking system.2. They are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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