The Housing Development Finance Corporation (HDFC) Bank, an Indian financial services company, reportedly has introduced micro automatic teller machines (ATMs) in rural India to improve access to banking services in underserved areas of the country. The handheld machines enable the same services that traditional ATMs provide and are carried by bank officials and other designated bank personnel. The micro ATMs require both biometric verification, in the form of a fingerprint, and an Aadhaar number, a national identification number, in order to identify an individual.
HDFC Bank began its micro ATM pilot program in October 2014 and, according to the bank, customers have since completed approximately INR 10 million (USD 154,000) in transactions. The bank currently has 1,550 devices active and is expanding the program to add 3,000 more by October 2015. The new ATMs will be available at “ultra small” rural branches around the country [1].
Headquartered in Mumbai, HDFC Bank has a network of 3,403 branches in 2,171 cities and towns across India. As of March 2014, HDFC Bank reported approximately USD 82.9 billion in total assets.
By Benjamin Krupp, Research Associate
About Housing Development Finance Corporation Bank Ltd (HDFC)
HDFC Bank Limited was incorporated by Housing Development Finance Corporation Limited (HDFC), a private-sector Indian housing finance company, when the Indian government allowed the establishment of private sector banks in 1994. HDFC Bank offers a range of services to retail and wholesale banking customers, as well as specialized services for non-resident Indians. Headquartered in Mumbai, the bank has a network of 3,403 branches in 2,171 cities and towns across India. As of March 2014, HDFC Bank reported approximately USD 82.9 billion in total assets.
Sources and Additional Resources
[1] Trak.in: HDFC Bank’s Handheld Micro ATMs With Biometric Verification Can Change Rural Banking in India For Ever
MicroCapital Universe Profile: Housing Development Finance Corporation Bank Ltd (HDFC)
MicroCapital, May 2, 2014: Yes Bank’s Sampann, Housing Development Finance Corporation (HDFC) Bank Use “Doorstep” Banking in Rural India
MicroCapital, February 6, 2013: Suryoday Micro Finance of India Raises $2.8m from Lok Capital, Aavishkaar, HDFC
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