How many types of atm in India? Pink label ATM, Orange label ATM, Yellow label ATM, Green label ATM, Brown label ATM, White label ATM, Biometric ATM, Online& Offline ATM, Onsite& Offsite ATM and Mobile ATM.
TYPES OF ATM (AUTOMATED TELLER MACHINES)
There are 10 types ATM facilities available.Here we explained the different types of ATMs we generally used. let’s know how the types of ATMs are differentiated.
Online ATMs are connected to the database of the bank. This connection is intact at every moment and it provides all the real time transactions. Another feature of online ATMs is that you cannot withdraw beyond the limit that is there in your account. The limit on the withdrawal and the balance in the accounts is always under scrutiny.
On the contrary, the offline ATMs are not connected to the database of the bank. Here, it is also possible to withdraw certain amount even if that amount is not available in your account provided it falls within a prefixed withdrawal amount as provided by the bank. However, the bank may also charge a penalty for this. So, if you are running out of cash in your account and still willing to withdraw a certain amount, you can head towards an offline ATM. This is, however, subject to the terms and conditions laid down by your bank in order to avail this feature.
As the name suggests, these ATMs are located either in the premises of , inside or just outside the bank branch. With this, it is possible to have an easy access of both – the branch as well as the ATM. Hence, the name “Onsite”.
As evident as it can get, these ATMs are located on a standalone basis. This implies that the ATM and the branch are not in the same remises. One of the prime reasons as to why banks come up with offsite ATMs is to increase their geographical presence. With such ATMs, it is possible for the customers to avail basic transaction facilities without having to visit the branch. One can find this type of ATMs at a lot of places like shopping malls, complexes, market areas, etc.
Clearly, these ATMs talk about mobility. In other words, these ATMs can be considered as ATM on wheels. These ATMs move across various places thereby allowing people to make the best possible use of this. The main purpose of mobile ATMs is facilitating the convenience of customers. This kind of ATM is gaining immense importance especially in the rural areas.
Worksite ATMs are located within the premises of the bank and the main purpose of these ATMs is to cater to the needs of the employees. Simply put, these ATMs are used by the employees of the organization. The employees can use these ATMs as and when they want to.
The term ‘biometric’ gives us an impression of something being associated with human characteristics in order to grant access. This is exactly how biometric ATMs function. These ATMs make use of fingerprint sensor or eye scanner to have an access to the details of the bank and go ahead with the operations.
Cash dispensers ATM
A cash dispenser, as the name suggests, dispenses cash and brings with it only a selected set of features like withdrawing cash, balance enquiry, mini statement requests, etc. The functions performed by them are limited when compared to other ATMs.
White label ATM
In order to promote financial inclusion and also increase ATM penetration in India, the Reserve Bank of India (RBI) came up with the concept of white label ATMs.
These ATMs are owned, operated and set up by noon bank entities. Non bank companies like Non Banking Financial Corporation (NBFCs), mutual funds, etc. hold a chance of being an owner of white label ATM. But, these non bank entities have to be approved by the Reserve Bank of India i.e the RBI.
These institutions can operate their own brand of ATMs in the country. However, they cannot display a logo of any bank. In other words, they do not operate for a bank or under a bank.
These ATMs function like any other normal ATM and offer the same facilities. The white label ATMs are authorized under Payment and Settlement Act, 2007.
Brown label ATM
Here, a third party is involved. It means that the bank is not directly responsible for ATM operations and transactions. The bank outsources the operations of ATM to a third party. However, the ATM will have the name of the bank and not the service provider (third party). All the operations of the ATM, cash management and networking is taken care of by the bank itself.
Green label ATM
These ATMs are exclusively used for agriculture. Do all the agricultural transactions via these ATMs.
Yellow label ATM
Yellow label ATMs are incorporated for e-commerce transactions.
Orange label ATM
One can make use of orange label ATMs for the very purpose of share transactions.
Pink label ATM
Pink label ATMs are entirely dedicated to women banking. This means that only a woman has an access to such ATMs and can avail the various features offered. There are guards who ensure that the ATMs are accessed by women only.
Pink ATMs have gained immense popularity over a period of time. The main agenda of introducing pink ATMs is to ensure that women don’t have to stand in long queues to get their job done.