India's IDBI lets customers invest in government bonds through ATMs

India's IDBI lets customers invest in government bonds through ATMs

India's State-owned IDBI Bank has begun letting customers invest in government securities through its cash machines.

IDBI customers can already invest in government bonds online. Now, after registering, they can also do so through any of the bank's ATMs.

IDBI says the move is in line with government and Reserve Bank of India efforts to popularise the securities among retail investors.

Comments: (2)

A Finextra member
A Finextra member 21 March, 2016, 09:07Be the first to give this comment the thumbs up 0 likes

Banks in Saudi Arabia and a few other GCC counytries have been offering this service for over four years , plus more ATM serviecs. Good to see IDBI catching up through

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 21 March, 2016, 09:58Be the first to give this comment the thumbs up 0 likes

Not sure about IDBI Bank in specific but many banks in India (e.g. ICICI Bank) have been supporting a fairly long list of features on their ATMs for over 15 years e.g. Mobile Top Up, Railway Ticketing, Event Ticketing, Temple & NPO Donations, P2P Payments to non-customers. Kudos to IDBI Bank for adding one more service to its ATMs. On a side note, though, it takes far longer to put through such non-cash transactions than a plain-vanilla cash withdrawal. Since ATM estates are sized on the basis of volumes of cash withdrawals, it's a challenge to ignore grumblings from people behind you in the queue when you actually try to carry out any of these non-cash transactions.

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