ATM represents Automated Teller Machine. ATM is an electro-mechanical machine that is utilized for making budgetary exchanges from a financial balance. These machines are utilized to pull back cash from individual financial balances.
This makes banking process simple on the grounds that these machines are programmed and there is no need of human clerk for exchange. The ATM machine can be of two kinds; one with essential capacities where you can pull back money and another with further developed capacities where you can likewise store money.
What does ATM mean?
An ATM is a machine incorporated with the mass of a bank or other structure, which permits individuals to take out cash from their ledger by utilizing a unique card. ATM is a truncation for ‘computerized teller machine’.
What are types of ATM’s ?
Types Of ATM’s White Label ATMs are those ATMs which set up, owned and operated by non-bank entities. To aid financial inclusion and drive ATM penetration in the country the Reserve Bank of India has permitted the launch of White Labelled ATMs (WLAs) i.e. private non-bank companies to set up, own and operate its own brand of ATMs in the country.
These white label ATMs will not display logo of any particular bank. TATA launched the first white label ATM in India under then brand name of Indi cash.
Brown Label ATMs
These ATMs are owned and maintained by service provider whereas a sponsor bank whose brand is used on ATM takes care of cash management and network connectivity.
These are ATM machines that are set up in the premises where there is a bank branch so that both the physical branch and the ATM can be used. This is known as being on site and this can be used for several purposes. Many people can use this to avoid the lines that are present in the branch and hence save on the time required to complete their transactions.
These are the machines that are set up on a standalone basis. This means that the bank has a place where there is only an ATM machine then this becomes an offsite ATM. This is done to ens ure that the bank reaches out to more geographical areas and that people are able to use its services even when there is no bank branch in the area.
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