Low-cost Rural ATM

Sify News (via PTI) reports on IIT’s Rural ATM which cuts the cost from Rs 700,000 to Rs 30,000 (USD 650). This was one of the innovations presented by Prof. Ashok Jhunjhunwalla during his BangaloreIT.com presentation.

The prototype would dispense smaller denomination notes to villagers and be connected to a kiosk with an internet connection through the CorDect WLL connection, Professor Ashok Jhunjhunwala said.

“Presently the cost of operations for banks are higher to finance people in villages. We are leveraging technology to enable micro financing to the rural areas by cutting down on costs”, he told reporters.

Jhunjhunwala said the ATMs would have web cameras and use finger prints for identification of a drawee, besides allowing the bank the authority to validate customers in an automated way.

The ATM is expected to be launched in January.

Here is a link to the presentation (about 4 MB) Prof Jhunjhunwala made at BangaloreIT.com.

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Rajesh Jain

An Entrepreneur based in Mumbai, India.