Demonetization: Experience From Ground Zero

- 

SANJAY NARKAR

HEAD-TECHNOLOGY, IDFC BANK

Demonetisation is a huge opportunity for pushing cashless, as it will be difficult to replace invalid currency in a short span of time. This is particularly true for IDFC Bank, since our aim right since inception has been to make everything cashless. As a part of the initiative, we are trying to reach people with our micro-ATM strategy. It is very convenient for people to transact. It gives almost equivalent amount of services that a normal branch would give. Through a tablet, the microATM connects to our CBS, and through it, one can operate the account. The communication is online and real-time all the time. It is a tablet and a POS machine which also has a biometric authentication. It also works on swipe of a card, and it has a small printer attached to it for giving receipts. Customers have to go an agent who travels from village to village and has this micro-ATM with him.We have a BC network and official agents who work on behalf of the bank and we also have the micro-ATM, which can give all kinds of banking services including opening of an account. It is linked to the Aadhaar account of the customer. Currently, there are 1200 micro-ATMs deployed. We will be deploying an additional 3,000 microATMs in the next three months. We will be increasing our point of presence through these micro-ATMs.

Behind the scenario of demonetisation