New ATM: From withdrawing money to applying for loans and credit cards

Recently, the banking sector has seen a significant change. Hitachi Payment Services and National Payments Corporation of India (NPCI) have jointly launched a state-of-the-art ATM machine, which has overcome the limitations of traditional ATMs. This new ATM machine will not only provide the facility of cash withdrawal and deposit but will also offer services like loans, credit card applications, investment in FDs, Fastag applications, and recharges.

Features of the new ATM

This ATM machine will be based on the Android operating system, which will greatly improve its functionality and usability. As per the guidelines of the Reserve Bank of India (RBI), this ATM will function as a digital banking unit. This means that it will work as a specialized fixed point business unit, delivering digital banking products and services as well as providing existing financial products and services in a self-service mode.

Wide range of services

Banking customers can avail the following services through this new ATM

• QR-based UPI cash withdrawal and deposit
• Account opening and credit card issuance
• Apply for personal loan and MSME loan
• Investment in insurance and FD
• Fastag application and recharge

Benefits to common people

1. Easy access to villages: Now people in villages will also get the facility of banking services, which was earlier limited to urban areas only.
2. Services at a single touchpoint: Through this ATM, various services can be availed in one place, so that customers will not have to visit banks again and again.
3. Increased security: The use of state-of-the-art technology will increase the security of customers and reduce the possibility of fraud.
4. 24/7 services: The ATM facilities will be available day and night, which will allow customers to transact at their convenience.

This new ATM will not only simplify banking services but will also promote digital and financial inclusion. This step can mark a new beginning in the world of banking.

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