J&K Bank launches virtual ATM facility

Srinagar, Nov 22 (PTI) The Jammu and Kashmir Bank on Friday launched virtual ATM facility (vATM) with an aim to leverage technology for financial empowerment of people, especially in rural areas.

Committed to enhancing digital convenience for its customers, J&K Bank has launched a vATM — a cutting-edge technology platform — in collaboration with Paymart India Pvt Ltd, the bank said in a statement.

The platform was inaugurated by the bank’s Managing Director and CEO Baldev Prakash in the presence of Director and CEO Paymart India Pvt Ltd, Amit Narang, and other senior officers at the bank’s corporate headquarters here.

“Launching of the vATM demonstrates our strong focus on leveraging technology for financial empowerment of people especially in rural areas with no presence of ATMs or other banking channels. Developed in collaboration with Paymart, the initiative is a win-win for all the stakeholders particularly for the customers and the merchants,” Prakash said.

The collaboration with Paymart India aligns perfectly with our vision to create a more accessible and customer-centric banking ecosystem.

And through these vATMs, we can cater to customers near their doorsteps in the ATM-deficient locations, he added.

Prakash, however, underscored the importance of remaining in constant touch with the customers to strengthen the mutual bond.

“No technology intervention can replace the importance of being in constant touch with the customers. We have to listen to our customers and address their concerns; then only we can earn their trust and retain them,” he said.

“With India currently the world’s biggest cash economy, virtual ATMs will become an integral part of banking. The services provided by these virtual ATMs are convenient, hassle-free and more importantly safe and secure,” he said.

The vATM facility enables the customers to withdraw cash seamlessly through the enrolled merchants of Paymart India by generating digital tokens using the bank’s mobile application (mPay Delight+), the lender said.