Kotak Mahindra Bank launches Micro ATMs across India; Stock climbs 1%

Customers of all banks can withdraw cash and check account balances at Kotak Micro ATMs.

Oct 13, 2021 11:10 IST India Infoline News Service

To deliver essential banking services conveniently to a larger section of consumers living in relatively far-off areas, Kotak Mahindra Bank Ltd (KMBL) has announced the launch of Micro ATMs across the country.

Customers of all banks who possess a debit card can use a Kotak Micro ATM for key banking services such as cash withdrawals and checking account balances. A mini version of an ATM, micro ATMs are small handheld devices.

Further, KMBL is using its extensive Business Correspondents (BC) network to launch micro ATMs. The Business Correspondent could be a shopkeeper for instance, who will act as a convenient touchpoint for customers and assist them with the transaction.

Using their debit card and PIN, customers can conduct transactions instantly through the Kotak micro ATM. The micro ATM is connected to the core banking network using the General Packet Radio Service (GPRS) technology.

Puneet Kapoor, President – Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank said, "The micro ATM is a simple, innovative and highly effective solution to deliver essential banking services such as cash withdrawals in a convenient manner to people residing in relatively remote locations. It is a viable alternative to a regular ATM, allowing for faster expansion and increasing banking touchpoints for consumers. Kotak’s network of micro ATMs across the country will help customers of all banks (Kotak and non-Kotak customers) get easy access to their bank accounts and promote financial inclusion.”

In the first phase, KMBL is introducing micro ATMs in the outskirts of the top 8 metro cities – locations where the demand for cash withdrawal services is high but the prevalence of ATMs is low.

At around 11:02 AM, Kotak Mahindra Bank was trading at Rs2,012.55 per piece up by Rs18.4 or 0.92% on the BSE.

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