IPO-bound India1 Payments installs 10,000 white-label ATMs

IPO-bound India1 Payments installs 10,000 white-label ATMs

Question: when first ATM was setup in India ?
a) 1987
b) 1989
c) 1990
d) None of these
Ans a
Related Facts:

  • IPO-bound India1 Payments installs 10,000 white-label ATMs.
  • it has crossed a milestone of deploying 10,000-white-lable ATMs
  • The company has installed these machines mostly in semi urban and rural areas across 14 states and union territories.
  • this milestone makes India1 ATM the second largest white label ATM (WLA) brand in the semi-urban and rural areas.
  • According to the latest data from the RBI as of September, there were 2.4 lakh ATMs in the country, of them around 28,00 are white-label machines.
  • India1ATM services over 72 million customer transactions and facilitates a gross transaction value of over Rs 13,600 crore every quarter on an average.
  • It began operations in 2014 and since then it has installed more than a third of the WLAs.
  • K Srinivas, managing director and chief executive of India1 Payments, said “despite the pandemic, we have leveraged our network with an average deployment of over 300 ATMs per month for the previous four months”.
  • Highlight point:
  • An Automated Teller Machine, better known as an ATM.
  • The first ATM in India was set up in 1987 by HSBC in Mumbai.
  • In 1960, an American named Luther George Simjian invented the Bankograph, a machine that allowed customers to deposit cash and checks into it
  • The first ATM was set up in June 1967 on a street in Enfield, London at a branch of Barclays bank.
  • A British inventor named John Shepherd-Barron is credited with its invention.
  • In 1970, a British engineer, James Goodfellow, proposed the concept of a personal identification number (PIN), which automated verification of the identity of customers.
  • In 1977, National Cash Register, a software and technology company in the U.S., launched the NCR Model 770, an easy-to-operate ATM that allowed the banks to offer services 24/7.

Links:
https://www.business-standard.com/article/companies/ipo-bound-india1-payments-installs-10-000-white-label-atms-121112901249_1.html
https://corporatefinanceinstitute.com/resources/knowledge/other/automated-teller-machine-atm/