SHILLONG: The Meghalaya Rural Bank will roll out Micro ATM to Bank Sakhis, a member of Self Help Group (SHG), of the Meghalaya State Rural Livelihoods Society (MSRLS), who will work as business correspondents of the bank.
Micro ATM is a device that will be used by the business correspondents to deliver basic banking services.
The platform will enable the correspondents to conduct instant transactions on the move and it is SIM card enabled, a statement said. The platform will be connected to the Meghalaya Rural Bank’s CBS system, it added.
With the cost of one such micro ATM being Rs 31,000, the National Bank for Agriculture and Rural Development (NABARD) will fund Rs 22,000 for one machine.
The statement informed that the Meghalaya Rural Bank had trained 10 business correspondents and that it planned to launch 90 more ATMs in the future.
The Meghalaya Rural bank and MSRLS plan to equip the Bank Sakhis or the business correspondents with Micro ATMs in order to give a quantum jump in the ability to extend the banking services over a wide geographical area, the statement said, adding that it will bring more customers to their fold enabling them to avail bank credit and carry out their daily transactions.