Test: Banking Concepts - 1 - Banking Exams MCQ

The automated Teller Machine is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.

Features of ATM:

1. Transfer of Funds
2. Balance Enquiry
3. Easy Cash Withdrawal
4. Unlock or Change Pin
5. Cash Deposit

On June 6, 2012, Union Bank of India, one of India's biggest public sector banks, launched India's first Truly Accessible and Talking ATM in Vastrapur, Ahmedabad, Gujarat, for the visually and physically impaired.

As per the RBI instructions in case of a failed ATM transaction, the card-issuing bank has been mandated to resolve the customer complaint

Disadvantages of ATM:

1. Limitation of Cash Withdrawals
2. Possibility of Misusing the ATM card if misplaced, lost, or stolen
3. Hacking is possible
4. Lack of Personal Service
5. Banks have limited ATMs in Rural Areas
6. If you get a problem with your bank card, or forget your pin, you can’t withdraw your money

Onsite ATMs are ATMs that are installed in the same location as a bank branch, allowing customers to use both the actual branch and the ATM. This is referred to as being on-site and it can be utilized for a variety of purposes.

The Reserve Bank of India (RBI) first approved Tata Communications Payment Solutions Limited (TCPSL) to open White Label ATMs in the country. It was released under the name 'Indicash.'

ICICI Bank, India's largest private sector bank, inaugurated India's first mobile ATM, "ATM on Wheels," in Mumbai.

To assist conserve plastic waste and reducing overall carbon emissions, HSBC India has launched India’s first credit card made from recycled PVC plastic.

Worksite ATMs are ATMs that are positioned within a company's premises and are normally only available to that company's workers.