Bharti Airtel's banking subsidiary, Airtel Payments Bank, has just announced Micro ATMs to enable its users to withdraw cash in a more convenient manner. Debit card users across the nation will be able to withdraw cash easily. There are several hundred thousand banking points of Airtel Payments Bank through which users will be able to withdraw cash on the go.
The Bank will leverage its strong network of over 500,000 banking points across India to give users access to easy cash withdrawals through this initiative. To facilitate the Micro ATM transactions, Airtel Payments Bank is now integrated with the National Payments Corporation of India’s (NPCI) - National Financial Switch (NFS).
Users Will be able to Withdraw Rs 10000 in Each Transaction
Customers associated with any bank will now be able to use the Micro ATM facility at the neighbourhood banking point of Airtel Payments Bank. They can now make instant cash withdrawals and check their account balance using their debit card of any bank at the designated banking point. A customer can withdraw up to Rs 10,000 per transaction through the Micro ATMs.
This would bring Airtel Payments Bank to a more prominent position in the banking sector. The Micro ATMs from Airtel Payments Bank will be placed across India in a phase-wise manner. Initially, the company is going to place over 150,000 units in Tier 2 cities and semi-urban regions. These regions have a lot of users who want to withdraw cash but have very limited access to ATMs.
How Customers Can Withdraw Cash Through Micro ATMs
- Banking Correspondents (BCs) will initiate the transaction by entering the withdrawal amount.
- The customer will then insert their debit card into the device and enter the PIN to confirm the transaction.
- The BC will authorize the transaction by entering their MPIN to complete the transaction.
If the transaction is successful, the BC will give the cash to the customer.
