Tamil Nadu: IIT launches self service terminals to open bank accounts
The product was launched by former RBI Governor C. Rangarajan at IIT Madras Research Park in Taramani.
CHENNAI: Yalamanchili with the collaboration of IIT Madras has launched the AVATAR series Self Service Terminals to provide all banking functions from issuing ATM cards to opening accounts in one machine. The product was launched by former RBI Governor C. Rangarajan at IIT Madras Research Park in Taramani. “It is different from ATM machines which are dispensing the cash. These terminals are fixed with cameras so it can take pictures and open the new account. It also can issue ATM cards as it is equipped with camera and printer. Except for issuing loans, it can do all other banking activities,” said Professor V. Kamakoti from IIT Madras.
The product is the result of years of Research and Development activities by Yalamanchili in association with IIT-M, to design and indigenously develop a printed circuit board - Multi-Application Generalized Integrated Circuit (MAGIC) at the IITM Research Park, Chennai. MAGIC, by its design and architecture, serves as the core electronic board in developing and offering various digital business solutions in the marketplace.
“The AVATAR self-service terminals are easy to implement and are scalable to the changing business needs of the clients. These terminals can also be used in other sectors like banking, hotels, healthcare, insurance, etc,” said Bharat Varma Yalamanchili, founder of the Yalamanchili company. In the first year, the company plans to manufacture more than 500 terminals.
“With these terminals, any individual can walk into the branch and avail a service as opposed to only the customers of that institution. It can also verify the identity of the individuals once it is connected with Aadhaar details,” he said.