Click to play videoNew Delhi: Villagers in Karimnagar, near Hyderabad are all set to get connected with the main stream banking system of India.
Bringing rural India in tune with changing times has been possible only with the help of the Government's efforts.
The Government — and corporations which are interested in accessing the treasures of rural India — have come up with the idea of a virtual passbook and a virtual ATM machine, through which villagers can make bank transactions and get a receipt for the same.
Run on Biometric technology, this micro finance device, enables users to not only make cash transactions, but also apply for loans and insurance policies — all this, without having to make a trip to the bank.
Says Vice-President Business Development, Financial Information Network & Operations Ltd, Tarun Agarwal, "This will help people in the Indian hinterland get in tune with new-age technology."
This machine stores all the details of a bank's customer including his fingerprints to make sure that all transactions are secure.
Customers are issued biometric e-passbook cards to gain acess to their accounts. The machine's promoters say it will bring rural banking into the 21st century.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.