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Tuesday, 19 July 2016 17:19

Indian villages may soon be equipped with solar powered micro ATMs

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19/07/2016

Indian villages may soon be equipped with solar powered V-Set connected micro ATMs. National Bank for Agriculture and Rural Development (Nabard) will be providing funds to resolve power supply and Internet connectivity in villages and remote areas for bank correspondents (BCs) of scheduled commercial banks (SCBs) and regional rural banks (RRBs).

"Many villages face power shortage and lack Internet connectivity. With the support of technology we have decided to provide solar powered V-Set connected micro ATMs in those areas to provide basic banking facilities in remote villages" Deputy Managing Director of Nabard, H R Dave, said.

According to Nabard, by end of December, 2016, about 5,000 such micro ATMs will be operational across India for which Nabard will fund about Rs 250 crore to the SCBs and RRBs. This will benefit over 2.5 million people living in villages, who will gain access to basic banking facilities without any interruption.

Subrata Gupta, deputy general manager of Nabard said: "So far, we have received over 4,000 proposals for such sets from various stats SCBs and RRBs across India. Installation will soon start and by end of December 2016, wherein we are expecting to install nearly 5,000 sets."

According to Nabard data, Rajasthan has made the highest requests for 732 sets followed by Chattisgarh (582), Odisha (514), Assam (465) and Madhya Pradesh (364).

States like Gujarat, which see less of such connectivity and power supply issues, too have requested 115 solar driven V-Set micro ATMs. States such as Kerala, Punjab, Haryana, Delhi, Mizoram, Orrisa and Tamil Nadu have sent less than 10 proposals to the Nabard.

For each micro ATM, Nabard is willing to spend upto Rs 5,00,000. If the bank owns the entire set, Nabard will pay the entire amount upto Rs 5,00,000 upfront while if the bank takes it on rent, Nabard will pay the amount in installments over five years.

Gupta said "Banks may buy the entire set or avail it on rent for five years. Nabard has sanctioned all the requests it has received and amount disbursements are yet to start".

Additional Info

  • News Section: Solar Energy News
  • Month: July
  • Year: 2016
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