Even today in rural India, raising money through an ATM is a very difficult task. The main reason for this is the lack of adequate number of ATMs in rural India, but the problem is expected to be resolved soon. The fintech company Spice Money announced on Tuesday that it plans to set up 1 lakh micro-ATMs in rural India.
In a statement, the company said that up to 60,000 ATMs have been installed by any bank so far. In such a situation, Spice Money has become the fastest growing micro-ATM network in the country. The company said it had suffered a turnover of Rs 1,000 crore a month through micro ATMs. By the end of June 2021, various banks across the country had 2,13,766 ATMs.
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What does Spice Money do?
Spice Money operates in rural parts of India. The company helps the people of rural India to withdraw or remit banking facilities. The company employs ‘officers’ for this. The company claims that with the help of around 7 lakh officers, they cover 95% of the zip code zones in India. The company targets individuals as well as groups such as grocery and stationery stores.
Penalty if not more than 10 hours cash
The RBI imposes these penalties on banks for not depositing more than 10 hours in an ATM (Automated Teller Machine) in any one month. The system will come into effect from October 1, 2021. The central bank said that the purpose of the penalties would be if the cash was not distributed among the ATMs to ensure adequate availability of these machines for the benefit of the people.
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