Essay, Paragraph or Speech on “A.T.M. – Automated Teller Machine” Complete Essay, Speech for Class 10, Class 12 and Graduation and other classes.

A.T.M. – Automated Teller Machine

The main business of the banking industry is to give the interest on deposits & distribute the amount, so received, as loan and earn interest. After Nationalization of banks in 1969, personalise banking is converted into social banking, in which banks used their limited resources for economical and social development of the country. This chapter successfully ran for about two decades. After that, process of economic liberisation started and a new era started in the Indian banking industry and economic progress became stagnant. In the present scenario, banks have to make themselves competitive to remain in the Industry and forget better profitability. Every bank wants to become leader in the Industry. Banks are now bound to computerize their branches in rural area also. Efforts are being made to provide better services by using computers. Retail Banking is also a part of this developing chain in the banking Industry.

Retail Banking means a type of banking, in which all type of categories of population get services/benefits from banking industry. Retail banking is a customer oriented service which increases clientele. In this type of banking, possibilities of losses are very less and comparatively banks can get better productivity and profitability. If we compare, we found that in the present scenario, banks are behaving like multinational companies, who are presenting their products with full facilities and comparative rates. Banks are, therefore, forced to be practical about their marketing policies. ATM is one of their retail banking product.

Before knowing about ATM, it is very essential that we should know well about information technology. Information and society are now related with each other upto good extent. One cannot think about development of society, without information technology. Even one can say that information is the origin point of the society. Information technology has made possible to join different types of people in the society, that is why present society is also called Information society. If we think about the starting of computers, we find that initially computer was used only for mathematical calculations, but today it is a machine of unlimited capacity. Today with the help of computers human control over aeroplane, missiles etc. have become very easy. Computer has made possible the invention of technique like Internet. Today with the help of Internet, doors of development are opened. Facilities like e-business, e-banking, e-education are the facilities by which a great change is being monitored in the society. We can also understand ATM in this regard.

The invention of ATM is near about 65 year old. Loother Jarge Simzen has presented this product in 1939, but it was not a success. Afterward Don Wetjel, who were Vice president of Doctel Company, has presented his machine in the market in 1968, which was the best success available machine at that time in the market. It is presumed the first ATM machine was installed in Centre in Chemical bank in New York. At that time, it was installed by fixing it into wall. Cash was received by the customer immediately but accounting was done after sometime. Reason behind it, was that at that time ATM machine was not linked with Branch’s software.

Today’s ATM is the Profit Earning Machine for the bank. Today one cannot only withdraw the money, but also get his statement of account from many corner of the world. Presently ATMs are of two types One is Off Site ATM and other is On site ATM. Off site ATM can be installed any where without linking it with any of the branch. The ATMs which we used to see at petrol pumps, hotels, aerodromes etc. are Off Site ATMs. On Site ATMs are those ATMs, which are installed only at branch premises. A Private Sector Bank’s ATM card holder can operate his account from any bank’s ATM. One can withdraw the money upto a limit from ATM. One can get the updated latest position of his account with the help of ATM.

To operate the ATM, card holder is given an ATM card by the Bank. A PIN (Personal Identification Number) is given to the ATM card holder which is very confidential. Normally banks do not charge any fees for withdrawal of money from their own card holders. But for getting money from other bank’s ATM, Banks charge some service charges. ATM do work 24 hours and 7 days. One can also deposit his cheques in ATM. With the help of ATM Card, which is affiliated with Master card, we can do shopping also.

At the last, but not the least, we can say that by the change of the time, the type of information technology also change. But the change, we get in this twenty first century, is too much more, in comparison to the development, which we get in last thousand years and this is not the end.