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Spice Money establishes 1lakh micro-ATMs in rural India

August 18, 2021

Spice Money establishes 1lakh micro-ATMs in rural India

Spice Money announced that it has deployed a mammoth ATM network with 1 lakh Spice Money Micro-ATMs operating across country India. Strengthening the ATM foundation is an essential leg in this journey, making the 1 lakh mark a significant achievement.

The highest number of traditional ATMs introduced by any bank in the nation as of now remains at around 60,000, making Spice Money the quickest growing mATM network in the country. Spice Money witnesses over ₹1000 crores worth of transaction month on month basis on its mATM network.

India has come a long way since 1921, when traditional banking was closed and the Imperial Bank of India was the only bank offering services to Indians, to opening up to private players during the 1950s and to today becoming one of the leaders in the worldwide banking and fintech revolution.

While the access to banking in rural regions has been improving over the years, just 5% of the 6, 00,000 villages had a commercial bank branch in 2019. When compared with worldwide partners, India is among the nations to have the lowest ATM penetration on the globe.

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