Today we will discuss ATM. Such a machine to withdraw money which is also associated with the life of the countrymen. You would have seen ATMs installed at the intersection or at a particular place. In the year 2016, when the Modi government did demonetisation in the country, at that time there were long lines of people outside ATMs to withdraw money for several months.
If there were no ATMs during demonetisation, then the countrymen would have had to face more difficulties in withdrawing their own money. ATM has remained the most popular and good medium for transacting money in the country for almost two decades. From villages, towns to small and big cities, you will see ATM machines.
Although countrymen are transacting money from Google Pay, PhonePe, Amazon, WhatsApp, and Paytm etc. for almost four-five years, but ATMs still remain the number one choice of people for withdrawing and depositing money. Today ATM turns 55 years old. On this day, 27 June 1967, the world’s first ATM was started in the Enfield town of North London. ATM is called (Automated Teller Machine).
Let us know under what circumstances the ATM was started in the world. ATMs originated in Britain. The world’s first ATM was started in London on this day on 27 June 1967. Troubled by standing in the bank line, John Shepherd Barron made this machine. The idea came to him from the chocolate vending machine. Earlier he had kept a 6 digit PIN, but due to the wife not remembering it, it was reduced to 4 digits.
Then only 10 pounds (about 1 thousand rupees according to today) used to come out at a time. In 1977, Citibank spent $100 million to install an ATM in New York City. Citibank is also credited for promoting ATMs in India.
ATM installation was started in India in the 90s
Let us tell you that in the 90s, the installation of ATMs was started in India too. The country’s first ATM was started in the year 1987. It was installed by the branch of HSBC Bank in Mumbai. Since then lakhs of ATMM machines have been installed all over the world. Which everyone is taking advantage of. Let us tell you that the credit for the development of the ATM machine was done by John Shepherd-Barron and his engineering team. Shepherd and his team designed an automated cash system machine while working for De La Rue, a British printing company. John Shepherd Barron was born on 23 June 1925 in Shillong, India and died in 2010 in Scotland. Before the installation of ATM machines in India, people used to do money transactions from the bank itself. After ATMs, the rush to withdraw money in banks across the country kept decreasing. After the installation of the ATM machine, the employees present in the bank have also got relief. The utility of ATM was highest during demonetisation 5 years ago. Even in the era of Digital India, ATM remains a strong medium for people to withdraw money.