Banking Concepts - 2 - Free MCQ Practice Test with solutions, Bank Exams

Card readers, cash dispensers, PIN pads, receipt printers, and monitors are all common hardware components found in ATMs. Wireless connectivity, check to scan, and even gift card dispensing are all available features on many ATMs.

Biometric ATMs are self-service cash machines that identify users and allow them to withdraw cash using security features like fingerprint scanners and eye scanners for the customer to access the bank details.

Private lender Kotak Mahindra Bank Ltd launched the Micro ATMs across India to provide vital financial services to a bigger segment of the population living in relatively remote places.

HSBC opened the first ATM in India in Mumbai in 1987. Approximately 1500 ATMs were installed throughout India during the next twelve years. Swadhan, India's first network of shared ATMs, was established in 1997 by the Indian Banks' Association (IBA).

John Adrian Shepherd-Barron, a British inventor of Indian descent, led the team that installed the first cash machine, now known as the automated teller machine or ATM.

In 2004, SBI opened the first floating ATM in Kerala. The SBI floating ATM was installed in the Kerala Shipping and Inland Navigation Corporation's Jhankar yacht (KSINC).

Advantages of ATM:

1. Offer Financial Inclusion
2. Offers a wide range of services
3. Hard cash anywhere at anytime
4. Continue to operate when businesses close due to natural disasters, health crises, or economic depression
5. Round the clock services
6. Access to banks from any part of the world

Purple ATM is not found.

RBI permitted NBFCs/FIs to establish ATMs with their brand name. These are known as White Label ATMs.

Customers can drive up to a mobile ATM and access their accounts without ever getting out of their automobiles. Customers can use mobile ATMs to withdraw cash, deposit money, and do anything else that regular ATMs can do.