In an effort to further speed track Financial Inclusion in Nagaland, and the Country at large, The Entrepreneurs Associates (tEA) Thrift and Credit Cooperatives Federation Limited (EATACOL), the financial wing of the Entrepreneurs Associates, launched Micro- ATMs and AePS (Aadhaar enabled Payment System) on 22nd February 2021.
FUNDED BY:
National Cooperative Development Corporation (NCDC) and under Integrated Cooperative Development Project (ICDP) through the Department of Cooperation, Govt of Nagaland.
BANKING SERVICES OFFERED BY MICRO ATM:
Cash Deposit, Cash Withdrawal, Balance Enquiry, fund transfer, Mini Statement, mobile recharges, DTH recharges, PAN card creation, PAN card correction, bill payments, flight and train tickets, motor insurance and hotel bookings.
CORE OBJECTIVES:
- To empower customers in rural unbanked areas to perform basic banking transactions.
- To sub-serve the goal of Government of India (GOI) and Reserve Bank of India (RBI) in furthering Financial Inclusion.
- To facilitate inter-operability across banks in a safe and secured manner.
TARGET:
Initial target was to launch 100 micro-ATMs in unbanked areas. This was increased to 400 micro- ATMS in March 2022 and with a long-term plan to install micro-ATMs in every village of Nagaland.
OUR ACHIEVEMENT:
126 Micro-ATMs installed in rural unbanked areas of Nagaland in first full year of the project, as of May 2022.
IMPACT
- With this launch, 126 Micro-ATMs has become operational in 120 unbanked rural villages covering 11 districts of Nagaland.
- 54 women and 72 men working as entrepreneurs in rural areas have been direct beneficiaries of the Micro-ATMs installed in their shops/stores through a small fee levied for use of the ATM from customers.
- Entrepreneurs have further received training on device usage and handholding support to entrepreneurs has been an ongoing process
