Here is what we know about the new plan of Reliance JIO on mobile ATM which will work based on your Aadhar card to dispense cash. The main focus of these micro ATM is to reach to the people at rural areas who can’t afford to travel to bank far from them.
Below are some uses of micro ATM.
1. e-KYC-based savings account opening.
2. Cash deposits
3. Cash withdrawal
4. Fund transfer
5. Check Account balance.
How does micro ATM work?
1. Show your Aadhar card to bank staff who will authenticate it with your finger print and will generate slip and deposit for you and give you the cash.
2. Withdraw cash using your debit card
3. Account will be opened taking your finger print and Aadhar card number as all details will be taken directly from your Aadhar card.
4. Aadhar card will be essential for use of Micro ATM.
The idea here is to reduce the amount of paper work and hassle free fingerprint-based cash deposits and withdrawals.