In banking system 'ATM' stands for _________.

Question

Question

This question was previously asked in

NPCIL Stipendiary Trainee 2021 Official Paper-I

Answer 1

The correct answer is Automated Teller Machine.

Key Points

'ATM' stands for Automated Teller Machine.
An ATM allows bank customers to perform financial transactions without the need for a human cashier.
It enables basic banking functions like withdrawing cash, checking account balances, and transferring funds.
ATMs are available 24/7, providing round-the-clock access to banking services.
The first ATM was installed by Barclays Bank in London in 1967.

Additional Information

ATM Network:
- ATMs are connected to interbank networks, allowing customers to use ATMs of different banks.
- Examples of interbank networks include Cirrus, Plus, and Pulse.
ATM Security:
- ATMs use PIN (Personal Identification Number) for user authentication.
- Modern ATMs are equipped with security features like encryption and anti-skimming devices to protect against fraud.
Types of ATMs:
- On-site ATMs: Located within or near bank branches.
- Off-site ATMs: Located at various public places like shopping malls, airports, and railway stations.
ATM Charges:
- Banks may charge fees for using ATMs of other banks.
- Some banks offer free ATM transactions for a limited number of withdrawals per month.