Syndicate Bank launches Micro ATM enabled easy cash dispensation
[caption id="attachment_66082" align="alignleft" width="300"] Rupay card distribution by Mallikarjuna Rao, ED[/caption] The information technology is very useful in helping the rural community to access effective banking services even in remote areas, opined Mallikarjuna Rao, Executive Director of Syndicate Bank. He was speaking after launching Micro ATMs at MH Patna village in Gubbi taluk of Tumkuru district, today. This initiative by the bank was taken at a crucial time to help the rural mass to overcome difficulties on account of demonetisation of higher denomination of currencies. He felt that with advances in information technology, Aadhar identity and mobile connectivity, every transaction can happen without any loss of time and risks associated with cash. This would result in cashless system and enable the farmers to improve their productivity with effective banking services. Mohan Reddy, General Manager of Syndicate Bank & SLBC Convener of Karnataka state speaking on the occasion, informed that in the first phase the bank has immediately opened five banking outlets through micro ATMs using the outreach provided by Initiatives for Development Foundation which willbe expanded in due course of time to other areas. He was happy to note that even those from remote villages can have hassle free cash transactions using Micro ATMs, at any time of their convenience without standing in long ques as witnessed in urban areas now a days. The account holders of any bank with Rupay card and Aadhar authentication can withdraw Rs. 2500 per day from their bank accounts. They can also deposit Rs. 5000 per day through Micro ATM. They can also deposit the specified bank currency to their accounts as per the guidelines of RBI and Government of India from time to time. The farmers and women SHG members present in the program did their financial transactions and expressed happiness for the move taken by the bank and IDF. Vivekanand Salimath, Managing Trustee, IDF welcomed the guests. Srikantha Shenoy TV, Executive Trustee of IDF briefed the context of the programme. Shankar Kotian, Deputy General Manager of the Bank thanked all the dignitaries and the community. He assured that the bank will provide all banking services to the rural community using the micro ATM and is providing Rupay enabled Kisan Credit cards to the farmers organised into JLGs by IDF. Atul Kumar, Field General Manager, Basavaraj Hiremath and Vishwanath Reddy, Assistant General Managers of Syndicate Bank, Smt Vidya, Ravindra Reddy, Gubbi Branch Manager and Karthikeyan of Integra Micro Systmes were present. The bank will be increasing the deployment of more number of such Micro ATMs as alternative banking channels for wholesome financial inclusion with the help of IDF – a non profit NGO.