News

India's ATMs: Not just for cash dispensing anymore

January 30, 2019

Data from the Reserve Bank of India show that between January and November of last year, India's debit cardholders had carried out nearly 839 million transactions worth $38.9 billion at ATMs across India. That's an average withdrawal amount of 3,381.84 rupees ($47.36) per transaction.

But, according to a report by Zee Business, Indian ATMs are capable of functionality far beyond merely dispensing cash. The report listed a total of 12 functions available to Indian debit cardholders, depending on their financial institution.

1. Pre-approved personal loans — Following a cash withdrawal, ICICI Bank customers receive a message showing the maximum loan amount available to that customer. The customer then has the option to choose from six loan amounts.
2. Bill payments — Cardholders can pay income tax, life insurance premiums, utility bills, propane tank refill charges and more.
3. Mutual fund investments — An account holder can link debit cards to mutual funds in order to withdraw cash or pay bills out of those funds at the ATM.
4. National identity card updates — Debit cardholders can register the 12-digit number from their biometric Aadhaar card and link it to their account. 
5. Mobile account top-up — After logging on at the ATM, the customer simply enters a mobile phone number and recharge amount. The designated sum is immediately deducted from the cardholder's bank account and applied to the mobile account.
6. Railway tickets — Account holders can book train tickets at an ATM and pay from their account, eliminating time spent standing in a ticket queue at the train station.