Work on setting up ‘Rural ATMs’ underway: RBI

Encouraged by the Reserve Bank .of India (RBI), banks are working on setting up ‘Rural ATMs’ for dispensing currency notes of smaller denominations. Banks have been encouraged to find a solution for introducing rural ATMs.
Generally, in city or urban centric ATMs, they will give out high denomination notes (Rs 1,000 and Rs 500), whereas in rural areas, the demand of people is more of lesser denomination. So, banks will have to find an appropriate technology solution for a different type of ATM to care for the needs of the rural people. Banks are at present working on that and will hopefully they will come forward to put ATMs in rural areas (with this new technology).

Month: Current Affairs - July, 2014