News

Indian bank expands rural network through 'micro ATMs'

August 8, 2016

IDFC Bank has launched services in Meghalaya state, India, which lies in the country's rugged and rural North East region. The bank opened its first branch in the capital city of Shillong and has set up interoperable micro ATMs in rural locations, a press release said..

According to the release, the bank is deploying micro ATMs that allow citizens to transact from the comfort of their neighborhoods. The device, which functions like a "bank in a box," enables digital transactions for customers of any bank.

The micro ATMs also provide instant account opening and activation, using a variety of identifiers such as mobile numbers, debit cards, bank account numbers, and Aadhaar, India's national identification system.

"IDFC Bank has chosen to establish presence in the North East in its very first year of operations," said founder, managing director and CEO Dr. Rajiv Lall, at the launch ceremony. "The bank's plans for Meghalaya will be shaped by the state's goal of financial inclusion. IDFC Bank will bring to citizens of Meghalaya the convenience of doorstep banking, customized financial products and increased access to capital for micro, small and medium businesses."

IDFC Bank's branch, located in Shillong's Demseiniong area, is powered by a custom-designed solar power system, the press release said.IDFC Bank currently has a network of nearly 70 branches, of which 50 are in unbanked rural and semi-urban locations. The bank's micro ATMs are used by retail shops, roadside restaurants, chemists, village council offices and others, the release said.

According to the release, this is IDFC's first step in establishing its presence in underbanked rural and semi-urban locations in North East India.