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Dimapur, Feb. 23 (EMN): In an effort to further speed track financial inclusion in Nagaland and the country at large, the Nagaland State Entrepreneurs Associates Thrift and Credit Cooperatives Federation Limited (Eatacol), a financial wing of Entrepreneurs Associates (EA), launched the micro-ATM and AePS (Aadhaar enabled payment system) at an entrepreneur’s shop in Khuzama village.
An update from Eatacol stated that the facilities were inaugurated by Bendangla Longkumer, joint registrar of Cooperative Societies, Kohima. With the launch, it informed that a total of 19 micro-ATM and AePs would simultaneously become operational in rural unbanked areas of Kohima, Dimapur and Phek districts.
Some of the main objectives of the initiative are to empower customer 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; and to facilitate inter-operability across banks in a safe and secured manner, it stated.
Banking services offered by micro-ATM and AePs included cash deposit, cash withdrawal, balance enquiry, mini statement, Aadhaar to Aadhaar fund transfer, authentication and BHIM Aadhaar pay.
It stated that the micro-ATM project, initiated by Eatacol, would soon be set up in Kiphire, Tuensang and Peren districts which are under ICDP projects. The project is being funded under National Cooperative Development Corporation (NCDC) and supported by Integrated Cooperative Development Project (ICDP) under the department of Cooperation.
In a separate programme, Eatacol inaugurated a micro-ATM and AePS at an entrepreneur’s shop in Phesama village. It stated that the first transaction successfully took place at the entrepreneur’s shop where a 60 year old woman cashed out INR 500 through her Aadhaar linked bank account.