India-born Scot John Shepherd- Barron invented the ATM. He was working with printing firm De la Rue Instruments. One day in 1965 he was very frustrated over the delay in withdrawing money when a ‘eureka’ moment inspired him to come up with the concept of self-service cash dispenser after observing a chocolate disbursing machine. And thus began a major disruption in the banking industry. India adopted the technology with setting up of ATMs by foreign banks and private sector banks. The first ATM in India was set up by HSBC Bank at their Mumbai branch in the year 1897. Subsequently, private sector banks led the charge and as of date there are 238,000 ATMs across the length of the country.
ATMs are of different types. ATMs setup by nBFcs are called white label ATMs while yellow label ATMs are those established for e-commerce reasons. In case of brown ATMs, the machines are owned by a service provider but banks operate and manage them. Orange ATMs are provided for share transactions, pink ATMs are only for ladies and green ATMs are for agriculture transactions. In India we have white ATMs in addition to various banks’ ATM network. While ATMs have provided flexibility to a customer to conduct his banking transaction, it has also opened a Pandora’s Box to fraudsters.
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