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PNB introduces biometric ATMs

By | Tuesday, 23 February 2010, 02:33 Hrs | 1 Comments

Bangalore: Taking one step forward towards promoting financial inclusion in all unbanked areas of India, Punjab National Bank (PNB) in coordination with RBI has opened a biometric ATM in Ranikhera village, a rural area near New Delhi. The biometric facility will hale user to identify user identification with the help of thumb impression or imprint of the palm, reports Rupee Times.

On the occasion, H R Khan, Executive Director, RBI said, "We are working on a fresh set of guidelines for the business correspondent model that would help in greater financial inclusion. At present, the model is too restrictive and we are constantly examining the correspondent model to make it more operative."

The machine will help around 3, 00, 000 people living in four villages around this area. Even other banks like Syndicate Bank, State Bank of India and Oriental Bank of Commerce are also in move to open such ATMs.

Nagesh Pydah, Executive Director, Punjab National Bank said, "There is an immense potential in the far-flung areas of our country. Around 65 per cent of India doesn't have a bank account. Therefore, our approach is always to work towards the financial inclusion and provide knowledge of banking in those areas."

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Reader's comments(1)

1: Isn't it strange that if there are 100 banks in India, all of them want prime spaces for their ATMs but are not ready to share the ATMs?

Solution: Banks should outsource the ATM business. An ATM should be able to work for multiple banks. Banks can pay a regular fee to the ATM vendor instead of charging customers per transaction.

Posted by:Kaushik - 24 Feb, 2010