BANKIT is working to improve banking infrastructure in the rural areas of India with micro ATMs and Aadhaar Enabled Payments Systems. The organization is looking to complete its project by December of 2020, and it will allow those living in rural environments to access basic banking services.
Micro ATMs are able to easily process card transactions, and are a good low-cost option to provide banking infrastructure. The machines are a good option that can be easily implemented to increase banking accessibility for underserved communities.
Aadhaar Enabled Payment Systems allow people to make payments and financial transactions using unique identification numbers. It also provides a cost-effective way for people to withdraw money, which can be used in place of traditional ATMs. This allows people to access cash when they are too far from an ATM.
Rural Banking Development Projects
BANKIT Brought Micro ATMs to Improve Rural Banking in India
Trend Themes
1. Micro Atms for Rural Banking - Implementing micro ATMs in rural areas can significantly improve banking accessibility for underserved communities.
2. Aadhaar Enabled Payment Systems - Adopting Aadhaar Enabled Payment Systems can provide a cost-effective way for people in rural areas to access cash and make financial transactions.
3. Improving Rural Banking Infrastructure - Developing projects and initiatives to enhance banking infrastructure in rural areas of India can bridge the gap between urban and rural communities.
Industry Implications
1. Banking - The banking industry can leverage micro ATMs and Aadhaar Enabled Payment Systems to expand their services and reach more customers in rural areas.
2. Financial Technology (fintech) - Fintech companies can develop innovative solutions and technologies to support the implementation of micro ATMs and Aadhaar Enabled Payment Systems in rural banking.
3. Technology Infrastructure - Companies specializing in technology infrastructure can provide the necessary hardware and software for the successful implementation of micro ATMs and Aadhaar Enabled Payment Systems in rural banking.