Question

Which of the following is the first bank that introduced ATM in India?
1. SBI
2. HSBC
3. ICICI
4. IDFC
5. None of these

Answer 1

Correct Answer - Option 2 : HSBC

The Correct answer is HSBC.

• HSBC:
  • It Stands for Hongkong and Shanghai Banking Corporation Limited.
  • HSBC is one of the world’s largest banking and financial services organizations that serves more than 40 million customers through our global businesses.
  • It has branches in 64 countries.
  • It Started Operations on March 3, 1865.
  • It was the first locally-owned bank to operate according to Scottish banking principles.
  • HSBC is the first bank that introduced ATM (Automated Teller Machine) in India.
• Headquarters: Hong Kong
• Founder: Thomas Sutherland
• HSBC  has been active in the development of the Indian banking industry since 1959.

ATM:

• Stands for Automated Teller Machine.
  • ATM are data terminals for convenient money transactions.
  • Inventor: Don Wetzel.
• He created the machine while working for the Docutel Company in Dallas, Texas, during the 1960s.
• ATMs are actually kiosk computers with a keypad and screen.
• Using an ATM card, a debit card, or a credit card, bank patrons can electronically access their accounts and withdraw or deposit funds, make payments, or check balances.
• ATMs have eliminated the need to enter a bank for basic transactions and allow access to accounts at machines.
  • In India, ATM was introduced by HSBC Bank in 1987.
• National Finance Switch is the largest network of shared automated teller machines in India.