EA members and others during the launch of Micro-ATM and AePS at Phesama village on February 22. (Photo Courtesy: EA)
Dimapur, February 22 (MExN): In an effort to speed track financial inclusion in Nagaland, the Entrepreneurs Associates Thrift and Credit Cooperatives Federation Limited (EATACOL) launched a Micro-ATM and AePS (Aadhaar enabled Payment System) at an entrepreneur’s shop in Phesama village.
The first transaction successfully took place at the entrepreneur’s shop where a 60 year-old woman cashed out Rs 500 through her Aadhaar linked bank account. With this launching; 19 Micro-ATM and AePs will simultaneously become operational in rural unbanked areas of Kohima, Dimapur and Phek districts, a press release from EATACOL which is the financial wing of Entrepreneurs Associates informed on Monday.
Some of the main objectives of this initiative are to empower customer in rural unbanked areas to perform basic banking transactions; to sub-serve the goal of Government of India (GoI) and Reserve Bank of India (RBI) in furthering Financial Inclusion; and to facilitate inter-operability across banks in a safe and secured manner, the release stated.
Banking services offered by Micro ATM and AePs includes cash deposit, cash withdrawal, balance enquiry, mini statement, Aadhaar to Aadhaar fund transfer, authentication and BHIM Aadhaar Pay.
This Micro-ATM project, initiated by EATACOL, aims to eventually launch 100 Micro ATMs in rural areas of Nagaland state. The project is funded under National Cooperative Development Corporation (NCDC), and is supported by Integrated Cooperative Development Project (ICDP), under the Department of Cooperation, the release informed.
Source : From the Web