SANJAY NARKAR
HEAD-TECHNOLOGY, IDFC BANK
Demonetisation is a huge opportunity for pushing cashless, as it will be difficult to replace invalid currency in a short span of time. This is particularly true for IDFC Bank, since our aim right since inception has been to make everything cashless. As a part of the initiative, we are trying to reach people with our micro-ATM strategy. It is very convenient for people to transact. It gives almost equivalent amount of services that a normal branch would give. Through a tablet, the microATM connects to our CBS, and through it, one can operate the account. The communication is online and real-time all the time. It is a tablet and a POS machine which also has a biometric authentication. It also works on swipe of a card, and it has a small printer attached to it for giving receipts. Customers have to go an agent who travels from village to village and has this micro-ATM with him.We have a BC network and official agents who work on behalf of the bank and we also have the micro-ATM, which can give all kinds of banking services including opening of an account. It is linked to the Aadhaar account of the customer. Currently, there are 1200 micro-ATMs deployed. We will be deploying an additional 3,000 microATMs in the next three months. We will be increasing our point of presence through these micro-ATMs.
Behind the scenario of demonetisation
In midst of the demonetization process, all circulars come from RBI as far as operational restrictions are concerned. These are required to be configured on the system on a daily basis. Be it the limit, ATM withdrawal, cash withdrawal on the branch, cash withdrawal per day or per week — these are changes that are required to be managed at a software level. This is important as a customer can operate his account from anywhere and anytime, and this needs to be controlled as per the daily norms.
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