Internal calculations made by some banks over 15 years ago showed that the cost of dispensing cash through ATMs was a third or fourth of doing so at branches. As state-owned banks, led by State Bank of India, joined the bandwagon, customers living away from the metros got access to ATMs. As the numbers swelled, some complaints came too — and the Reserve Bank of India found that charges varied from bank to bank.
Governor Y V Reddy then set up a working group to formulate a scheme for ensuring reasonable charges, and to incorporate it in the Fair Practices Code. Some bankers protested — saying there was a cost to offering this service. He also delighted in pointing out that the ATM had, in a sense, democratised banking — with no special access for the privileged or the elite, the machines were the same for all customers. Subsequently, however, the power to price these services returned to banks after the regulator eased its stance.
But by then, the regional spread of ATMs had changed, as also the range of banking services they offered. From being just cash dispensing machines, they had started to offer payment and many other services, including for loan products, helping millions of customers reduce their visits to bank branches, especially in the cities.
Shepherd-Barron came up with the concept of a self-service cash dispenser in and his "eureka" moment was inspired by a machine dispensing chocolate bars. The first ATM was installed at a bank in London in Reg Varney, one of the stars of a popular TV show became the first person to withdraw cash.
Shepherd-Barron, India-born Scot, died at a hospital in Scotland in Share Via. These associations perform operational functions for their members. India has also started a similar payment service for domestic transactions known as RuPay.
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Follow us on. Living and entertainment iDiva MensXP. Inventor John Shepherd-Barron installed the world's first automatic cash dispenser at a Barclays Bank branch near London in The machine was made by De La Rue Instruments and it used paper vouchers that had to be purchased from tellers in advance. Who set up the world's first floating ATM? The correct answer is State Bank of India.
The boat with the ATM on board will berth at jetties in Kerala's huge backwaters through which thousands of people travel daily. Who first introduced ATMs in India?
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