Full Form of ATM is Automated Teller Machine
It has been developed by financial organizations. It is mostly used by banks. ATM is designed to provide cash withdrawal facility to the customers.
To use it, a card is issued by the banks to their customers. Which is called ATM card. It is also called Debit Card. ATM can be used only by this, some of its main functions are as follows –
- To withdraw cash from ATM.
- To transfer money from your account to another account.
- To get information about the account.
- ATM Cards can also be used to make online payments.
- To change the PIN of your cards.
ATM facility is provided in all banks in India. There are currently more than 50 banks in India, in which State Bank of India comes first among the major banks. This bank is recognized by the central government. This is followed by other banks like HDFC Bank ICICI Bank UCO Bank Bank of Baroda Bank of Maharashtra Baroda Uttar Pradesh Gramin Bank Punjab National Bank etc.
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The real credit for the invention of ATM goes to an American citizen named Luther George Simian. Because Shrey Luther George Simian had prepared a machine with an ATM plan in 1939, which he named Bankmatic . In early days, no one accepted ATM. But after 21 years of credit Luther George Simien’s financial efforts and his hard work, he had got its patent. That is why in today’s time all of us are getting a lot of benefit from it.