- According to data, released by the RBI, as of December 2022, the total number of micro ATMs across the country has reached 14.19 lakh.
- But, there has been no significant surge in the value of money withdrawn through these devices since June 2022.
- There were just about 3.56 lakh micro ATMs in India in 2020.
- The cash withdrawal in Dec 2021 was ₹25.2-lakh crore.
- It grew to only about ₹25.5-lakh crore by November 2022.
Micro ATM is a mini version of an ATM. Micro ATMs are like modified point of sales terminals this terminal can connect to banking network via GPRS to perform banking transactions. This machine contains card swipe facility. This initiative aims to bridge the gap between the need and availability of cash requirement in the eco-system.