ATMs are a necessary component of our daily lives. Since it is difficult and dangerous, we only want to carry a little cash. However, since cash withdrawals have become so easy since the invention of the ATM, having a debit card is like carrying all of your savings. You should update your understanding if you believe there is only one sort of ATM in India because there are now multiple varieties, all of which have been updated as of April 26, 2019. Automated teller machines, or ATMs, are computerized devices that give bank customers access to their accounts to withdraw cash and conduct other financial and non-financial operations without physically going to their bank branches. An ATM can be of two different types. A tiny account statement, cash withdrawal, changing your ATM PIN, checking your bank account balance, or receiving account updates are all made possible by the straightforward basic unit. Other complex units offer a line of credit in addition to check or cash deposit options. ATMs are available both onsite and offsite in addition to this. While offshore ATMs are located throughout the nation, onsite ATMs are installed inside bank buildings to allow customers to access basic banking services without having to go to a branch office.
1. White Label ATM
The ATMs in question are called White Label ATMs because they were installed, owned by non-banking financial institutions, and provided all the services. The RBI has permitted White Label ATM Operators (WLAOs) to purchase wholesale cash from the RBI and currency chests to increase the viability of White Label ATMs (WLAs). In September 2015, the government approved up to 100% of FDI using the automatic procedure.
2. ATM Onsite
These ATMs are called “onsite ATMs” because they are located on the bank’s property.
3. ATM With The Yellow Label
These ATMs are primarily set up to offer E-Commerce services. An ATM has a slot into which You can insert your ATM card. The account information is on a magnetic card attached to the ATM card. The account information is gathered by the card reader and sent to the server.
4. Outside ATMs
These are offsite ATMs because they can be found in locations other than the bank’s actual building.
5. Brown Label ATM
The bank leases these ATMs to provide the service to the consumer; the bank does not own them. Automated Teller Machines, known as Brown Label ATMs, are those whose hardware and lease are controlled by a service provider but whose sponsor bank provides cash management and connectivity to banking networks. The ATM is owned by a private corporation, which also leases office space. They bargain with the landlord, the electricity provider, the telecom provider, and others.
6. Orange Label ATM
In the share transaction, these ATMs are utilized.
7. Pink Label ATM
Only women are permitted to use these ATMs.
8. A Green-label ATM
These ATMs have been set up for agricultural transactions.
9. Micro ATM
A micro ATM is a compact point-of-sale device that enables users to conduct financial transactions like cash withdrawals and balance inquiries. All debit cards, including Chip and Pin, Magnetic Swipe, and NFC cards, are accepted at Biznext Micro-ATMs, except for a few cooperative bank cards. After the transaction is complete, a payment receipt is generated, which can then be printed or immediately shared with the consumer.
10. Mini ATM
Give your clients a full banking experience. You can carry out financial transactions, including money transfers, balance inquiries, and cash withdrawals. Cash at PoS. For your main business, you can take debit cards as payment. Portable gadget You can conduct business while on the go by taking it with you. Receive the funds, along with any applicable commissions, in real-time. Design that is comfortable to use from a desk or a handhold.
