Bank of Baroda: first public sector bank to launch UPI enabled ATM
Banking and Finance
4 min read
India’s second largest public sector bank, Bank of Baroda has become the first public sector bank to launch UPI(Unified Payment Interface ) enabled ATM(Automated Teller Machine). Earlier ,Hitachi Payment Services launched India’s first UPI enabled ATM under its brand name Hitachi Money Spot ATM.
The banks in which the government of India holds 51% or more equity shares are called public sector banks in India .SBI is the largest public sector bank in India
In a statement issued on 8 September 2023,Bank of Baroda said that it has enabled the UPI ATM facility at over 6,000 ATMs across the country.
Bank of Baroda has launched the UPI enabled ATM in coordination with the National Payment Corporation of India (NPCI).
The Unified Payment Interface (UPI) has been developed by NPCI and went live in 2016. It is a mobile based 24x7 fast payment system to send and receive funds instantly using a Virtual Payment Address (VPA) set by the user itself.
Features of the UPI enabled ATM
- Bank of Baroda customers as well as customers of other banks which have issued any UPI-enabled Mobile app can withdraw cash from Bank of Baroda UPI ATMs without using their ATM cum Debit card.
- The UPI ATM uses Interoperable Cardless Cash Withdrawal (ICCW) technology, which facilitates cardless cash withdrawals through ATMs. Hence a customer doesn't need an ATM cum Debit card to withdraw money from the ATM.
- The customer just needs to scan the ATM QR displayed on the ATM with his Mobile phone. The customer's mobile phone shall have a verified UPI app installed .
- One of the major benefits of the UPI ATM facility is that customers can withdraw cash from multiple bank accounts linked to UPI.
Bank of Baroda
It is the second largest public sector bank in India after State Bank of India (SBI).
It was founded by Maharaja Sayajirao Gaekwad III on 20 July 1908. It was nationalised by the government of India in 1969.
Chairman of the Bank : Hasmukh Adia
Managing Director(MD) and Chief Executive Officer (CEO): Debatdatta Chand
Headquarters of the bank: Vadodara,Gujarat
Tagline of the Bank : India’s International Bank
