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  • Why it is Important to Install ATMs in India?

    Jul, 16 2019
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    Could you think of a day without an ATM?

    It’s horrifying! Yes, it is so. We have become so much used to of these ATM’s, that just a single thought of a day without an ATM, passing our mind makes us restless and anxious. And, it’s true to all. We all need money to pay or transact, whether it’s for grocery or for flight tickets.

    Now a billion-dollar question is were we not living before these ATMs. No, it was not so, we were living, but the life was not that comfortable what it is now. For our country like India it is rather more important to have these ATM  installation machines considering the population, the ease of opening banks in far remote places and on the top of all making banks work around the clock to make it convenient for all the consumers to avail banking facilities whether it is drawing money or depositing money for domestic or for commercial purposes. Therefore, now we all have become habitual to lead a life as per our convenience in spite of making our selves convenient as per the prevailing systems and existing facilities. And so not only the urban masses but, the rural ones also need them equally.

    Who invented these ATMs?

    Before we move further, let’s have a quick look on who invented these ATMs. These ATM machines comes into existence in 1967 after John Shepherd-Baron comes out with the ATM machine which could recognise the customers bank account through paper cheques. These paper cheques were to be inserted in the machine to receive the cash. Barclays, the British bank was first to install the machine in London in 1967. However, as per another theory James Goodfellow was the first to patent ATMs in 1966 that uses actual pin numbers like our present ATM cards.

    How was the life before?

    Now, let’s have a closer look on how we were operating earlier and how these ATM machines become our lifeline. In earlier days people used to visit banks for all their transactions and that also before 3:00pm. But the problem didn’t end there. As usual the banks had limited branches and that also mostly in urban areas, cities, metros and major towns. So, people had to generally visit far of places whether they had to draw or deposit and that also as many times as they want to do the transaction. So, in a nut shell they have to travel long distances, spend their entire day, pay for commutation and risking money the entire way from being get robbed. And above all this, just imagine what used to happen, when even being present in the bank for the entire day they have to just went back without any money as the bank get closed by the time their turn come. Thus, the inconvenience was not small rather it was excruciating.

    How ATMs changed the life?

    The ATM machines finally over came all this agony and trouble, and provided consumers with a new breath of life. Now, they could do transactions as per their convenience, whenever they feel like or whenever the need arises. Now they could do as many transactions in a day as they need and, could do from the convenience of some nearby ATM rather than visiting some far of place.

    These ATMs could be installed in a very marginal cost at multi locations, near the point of transactions as in markets, near retail stores, close to offices, hotels, malls and so on, wherever people gather or transact. The idea was to provide convenience to all without putting an extra burden on the banks. In return these ATMs helped a lot in encouraging business in rural as well as urban areas besides saving lot of time which was otherwise wasted in useless activities as in idling, commuting or in waiting for their turn.

    Why they are more required in India?

    These ATMs have the potential to help India in more than one way. Here are a few of the major points:

    1. To raise the economy and GDP

    India is a developing country with close to 67% rural population still struggling for basic necessities of life. In such a scenario if we want to grow fast and be a developed country, we have to drastically raise our economy in addition to improving our GDP. It sounds interesting but needs nothing short of some revolution to provide us that level.

    2. To make rural areas better

    ATMs in rural areas would encourage ease of business with a lot of new people making their way in the commercial world, thus improving their status along with raising the Indian economy.

    3. To bring convenience in people’s life

    ATMs would help people to dedicatedly work on their ventures rather than wasting their time in commuting to banks just to fetch money which has nothing to do with their core areas and was a sheer wastage of energy, effort, and money.

    4. To increase revenues of business houses

    ATMs have reduced the time of transactions and expedited the business cycle, helping people in doing more business in comparison to what they were doing earlier with the same resources they had earlier.

    5. To improve the Lifestyle of Indians

    ATMs have played a major role in improving lifestyle in rural as well as urban areas by providing ready cash near the point of consumption to let them procure what they need and when they need it. They, besides, have also made the opening of lots of stores and retail outlets in remote areas as now people have ready money with them to buy goods.

    6. To provide a safe and secure life

    ATM installation services help people in fetching money as and when required and therefore, people prefer traveling cashless to remain safe and secure.

    Conclusion

    ATMs have the potential to revolutionize India in more than many ways and should be therefore installed across India without debate or delay. In a nutshell, if India wants to grow it has to go for ATMs. There’s no better choice.

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