Punjab to install micro ATMs in co-op institutions across the State

Punjab to install micro ATMs in co-op institutions across the State

Context:

• The Punjab government plans to install micro ATMs in all its 3,535 primary agricultural cooperative societies and district central cooperative banks under its rural financial inclusion plan.

Introduction:

• NABARD has accepted a proposal sent by the cooperative department to extend the digital transaction facilities to the rural populace and sanctioned 4,545 micro ATMs by financing 90% of the cost of the device.
• The Punjab State Cooperative Bank was providing credit services to all sections of society since its establishment in 1949 and was now making great strides towards fulfilling the aspirations of its stakeholders, especially tillers and helping hands in all areas such as agriculture, housing, sugar production and dairy.

Purpose:

• To deliver effective core banking services at the village level.

Benefits:

• All transaction facilities like balance enquiry checking, cash deposit or withdrawal, fund transfer and remittance could be made through these hand-held devices.
• Farmers using other banks’ ATMs for Kisan Credit Card purpose could use these micro ATMs at PACSs thereby saving inter-bank transactional costs to be paid to other banks.
• Customers could use any other bank’s debit card at these locations and will no longer have to search for ATMs or travel long distances.
• After implementation of these core banking facilities, farmers would be able to get fertilizers and seeds from the nearest PACS by swiping the KCC card at the micro ATMs.
• These ATMs allow the PACSs and branches to connect to the bank’s core banking solution to authenticate the customer via biometric or PIN on real-time basis.