The PMJDY (Pradhan Mantri Jan Dhan Yojana) aims to ensure access to various financial services -- savings bank account, access to need based credit, remittances facility, insurance and pension - to the excluded sections i.e. weaker sections & low income groups.
However, the last-mile of cash-disbursal remains a challenge: Typically, a human agent with a POS device and a bag of cash is the means. Designated as a “Micro ATM”, such a human agent is generally considered the key technology product for last-mile delivery of the PMJDY scheme and DBT (Direct benefit transfer). But such “Micro-ATMs” have never worked satisfactorily for a number of reasons, compelling the beneficiaries to visit the bank or head post office, which is not nearby, to obtain the payment.
On the other hand, a conventional ATM is considered an overkill for deploying in these contexts. In the emerging economies like India, the major challenge in deploying ATMs in semi urban/ rural areas is to provide 24/7 availability at a viable cost. Grid power availability is a major challenge in these areas, and high cost involved in power backup solutions for traditional ATMs with high power rating and the air conditioner needs makes it unviable to deploy ATMs.
The above business challenges warrant reducing the costs in running an ATM network in tier IV-VI locations. Vortex has pioneered an innovative Desk Top/Mini ATM solution, operating typically in day time hours, located in a shared space, consuming low power (solar backup) and with connectivity through GSM/CDMA dongle.
With the Desktop/ Wall mounting possibilities these ATMs can be installed in shared spaces within the post offices/ Kirana stores / common service centres. These Mini ATMs offer a low cost and high impact solution to the problems of not just the beneficiaries who want to access their balances, but also a befitting solution for the Banks and the ATM operators.
These Mini ATMs eliminate the shortcomings of the regular ATM installation by reducing the Cap-ex and Op-ex costs, making it viable for the ATM to break even at 40 to 50 transactions per day.
The “Ecoteller Mini” comes with a “completely India designed” and patented dispenser technology. The software component of this ATM is based on Open Source technology which is also in line with current Govt. of India policy for public sector enterprises & in line with the “Digital India” initiatives.