Bank of Maharashtra install India’s first ATM on a Train
Banking and Finance
6 min read
The public sector bank, Bank of Maharashtra, has become the first bank to install an automated teller machine (ATM) on a train in india. The ATM was installed on the Mumbai-Manmad Panchavati Express. This is the first time an ATM has been installed on an Indian Railway train. Union Railway Minister Ashwini Vaishnaw shared this information on his social media account.
Bank of Maharashtra ATM on board Panchavati Express
According to the India Railway, installing a Bank of Maharashtra ATM on board the Panchvati Express was a pilot project for passenger convenience. The ATM was installed in a modified cubicle at the coach's rear end, which was used as a pantry car. The cubicle has a shutter door for safety and ease of access.
If the experiment proves successful, it will be extended to other trains.
The introduction of the ATM is part of the Indian Railway’s Innovative and Non-Revenue Ideas Scheme.
The Panchavati Express is an intercity train that connects Mumbai’s Chhatrapati Shivaji Maharaj Terminus (CSMT) to Manmad in Nashik district. The train is managed by the Central Zone of the Indian Railway and covers the distance in four and a half hours.
About ATM in India
- John Shepherd-Barron of Great Britain is credited with inventing the ATM. In 1967, the British Bank, Barclays, was the first in the world to install an ATM in London.
- Another British Bank, HSBC, installed the first ATM in India in Mumbai on 27th June 1987.
- In 2004, SBI installed India’s first floating ATM aboard a ferry travelling from Ernakulam to Vypeen in Kochi, Kerala.
- India’s highest ATM, situated at 13200 feet, has been installed by the private sector bank Axis Bank at Nahtu-La in Sikkim.
- India’s first UPI-enabled ATM was launched by Hitachi Payment Services, a subsidiary of Hitachi Limited of Japan.
What is an ATM?
- An Automated Teller Machine (ATM) is an electronic banking machine that provides financial and non-financial services to a bank customer through a smart card(debit or credit card). Now, a UPI-enabled ATM has been launched, in which customers can use the ATM through a smartphone on which the UPI app has been installed.
- The bank account holder can withdraw or deposit cash and perform non-financial transactions such as requesting a chequebook, checking the account balance, paying bills, etc.
Types of ATM based on ownership and operations
There are three types of ATMs in india.
Bank ATM
- Banks licensed by the Reserve Bank of India can set up their own ATMs.
- The ATMs carry the names and logos of the concerned banks, and the operation is managed solely by the Bank concerned.
Brown Label ATM
- Brown Label ATMS are those set up by a bank in partnership with a company.
- The partner company is responsible for installing th ATM and also owns the machine.
- The bank is responsible for cash management and ATM connectivity.
- The ATM carries the bank's name and logo.
White Label ATM
- White Label ATMs are owned and operated by non-banking companies in India.
- RBI provides a licence to the White Label ATM operator under the Payment and Settlement Act 2007.
- It does not carry the name and logo of any bank.
About Bank of Maharashtra
Bank of Maharashtra was incorporated as a private bank on 16 September 1935.
It commenced its banking operation on 8th February 1936.
It was nationalised by the government of India in 1969.
Headquarters - Pune
Tagline: ek Parivaar ek Bank
MD and CEO: Nidhu Saxena
