Automated Teller Machines (ATMs)Automated Teller Machines (ATMs) are primarily used for performing some of the banking functions such as the withdrawal of cash or the deposit of cash/cheque, etc., by using an ATM card.The committee headed by Dr. C. Rangarajan recommended the setting up of ATMs in India.Convenience of ATMsTo the Customers:(a) 24 x 7 access availability(b) Less time for transactions (less queue)(c) Privacy in transactions(d) Any branch/anywhere banking enabled(e) Acceptability of card across multiple bank ATMs, even foreign tourists can accessMaestro/VISA / ATMsTo the Bank:(a) Cost of setting up ATMs is lower than setting up a branch(b) Migration of the routine transactions to the ATMs frees the bank staff for moreproductive work(c) ATMs serve as the crucial touch point for cross-selling of the bank’s products(d) Enables the bank to display products on the screen and serves as a media for publicityfor the bank(e) Less hassle in handling cash.The following components of the ATM provide the customer interface:(a) Video Display Monitor(b) Keyboard/Keypad(c) Touch Screen(d) Slots: There are slots in the ATM for various purposes as detailed below:(i) Card Reader (ii) Cash Dispenser(iii) Envelope Dispenser (iv) Deposit Slot
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