: BIZ SCAN #finance #StockMarketNEWS #Business Kotak Mahindra launches Micro ATMs across India MUMBAI: To deliver essential banking services conveniently to a larger section of consumers living in

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BIZ SCAN #finance #StockMarketNEWS #Business
Kotak Mahindra launches Micro ATMs across India



MUMBAI: To deliver essential banking services conveniently to a larger section of consumers living in relatively far-off areas, Kotak Mahindra Bank Ltd (KMBL) announced the launch of Micro ATMs across the country. Customers of all banks who possess a debit card can use a Kotak Micro ATM for key banking services such as cash withdrawals and checking account balances. A mini version of an ATM, micro ATMs are small handheld devices.   KMBL is using its extensive Business Correspondents (BC) network to launch micro ATMs. The Business Correspondent could be a shopkeeper for instance, who will act as a convenient touchpoint for customers and assist them with the transaction. Using their debit card and PIN, customers can conduct transactions instantly through the Kotak micro ATM. The micro ATM is connected to the core banking network using the General Packet Radio Service (GPRS) technology.   In the first phase, KMBL is introducing micro ATMs in the outskirts of the top 8 metro cities – locations where the demand for cash withdrawal services is high but the prevalence of ATMs is low. 



Star Union Dai-ichi launches e-Wealth Royale scheme



PANAJI: Star Union Dai-ichi (SUD Life) which deals in life insurance launched e-Wealth Royale a new scheme aimed at providing life cover as well as wealth creation to customers. The scheme was unveiled in the state on October 7, by Abhay Tewari, MD & CEO, SUD Life. E-Wealth Royale, is an unit linked non-participating, individual life insurance plan providing life cover with flexibility to choose wealth creation options. The scheme is flexible with an inbuilt waiver of premium in case of death, total and permanent disability. Buyers also have the option of increasing the premium paying term (PPT) and policy term at a later date. SUD Life is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life. NT
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