In order to deliver essential banking services conveniently to consumers living in relatively far-off places, Kotak Mahindra Bank Ltd has announced the launch of Micro ATMs. Customers of all banks who possess a debit card would be able to use the Kotak Micro ATM for banking services such as cash withdrawals and checking account balances. As the name signifies, micro-ATMs are mini version of ATMs. They are small handheld devices. Kotak bank will be using the network of its extensive Business Correspondents (BC) to launch micro-ATMs.
Micro ATMs are a viable alternative to a regular ATM, leading to faster expansion as well as increase in banking touchpoints for consumers. Kotak Bank’s network of micro-ATMs across the country will be benefitting customers of all banks, not just of Kotak to get easy access to their bank accounts and promote financial inclusion. Kotak is introducing micro-ATMs in the outskirts of the top 8 metro cities in the first phase. These locations have been strategically chosen as demand for cash withdrawal services is high in these locations but comparatively ATMs are low in numbers.