ATM means :
Automated Teller Machine
The evolutionary trend from cash economy to cheque economy and on-wards to plastic card economy is witnessed in the introduction of ATMs. ATM or Automated Teller Machine outwardly appears like a human weighing machine kept in railway platforms. These days, ATMs are securely placed inside the walks of banks premises. While a weighing machine measures the weight of a person in kilograms. The ATM measure the bank balance of a person in Rupees.
ATM have many advantage Some of which are given below.
- In ATM one can draw cash round the clock (for 24 hours a day) and no employee interface is required.
- ATM provides customer not having credit card facilities an alternative for obtaining cash when required
- In eliminates the need for the customers to travel to branch at which his accounts are maintained if the machine are conveniently located and networked
- Automatic and instantaneous accounting is possible
- Customer can deposit cash/ instruments and leave instruction for the the requirements of statement of accounts, tans for etc.