BANKING AFFAIRS

Detailed explanation-1: -Ans. An ATM is a computerised machine that provides customers of banks the facility of accessing their accounts for dispensing cash and to carry out other financial & non-financial transactions without the need to visit the bank branch.

Detailed explanation-2: -ATM full form is Automated Teller Machine which is a self-service banking outlet. You can withdraw money, check your balance, or even transfer funds. Different banks provide their ATM services by installing cash machines in different parts of the country.

Detailed explanation-3: -An automated teller machine (ATM) is a specialized computer that allows you to complete bank transactions without the need to see a bank representative.

Detailed explanation-4: -Using an ATM, customers can access their bank deposit or credit accounts in order to make a variety of financial transactions, most notably cash withdrawals and balance checking, as well as transferring credit to and from mobile phones. ATMs can also be used to withdraw cash in a foreign country.

Detailed explanation-5: -2. What are White Label ATMs (WLAs)? Ans. ATMs set up, owned and operated by non-banks are called WLAs. Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).