Friday, August 31, 2007

Rural Banking Intitiaves - Smart Cards

Now Banks have come up with the idea of using Smart card in rural areas The customer in rural areas would be issued smart cards which could be used at point-of-sale machines installed in the shops and offices of partners of the banks. Customers will be able to deposit or borrow money from the machines, obviating the need to establish new branches or ATMs. The transaction details will be stored online and updated on the card. ICICI banks initiative has been documented in an article in Forbes.

The advantage of these smart cards according to back is that it would eliminate the need to have ATMs and branches, one more attempt to find ways out of the heavy cost of servicing the village consumers.

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