TeNet has developed a low-cost ATM featuring a fingerprint identification system specifically targeting users in rural India.
Grammteller, unlike other ATMs is meant to be a cash dispenser, which plugs into a kiosk PC, which acts as a tunnel between the dispenser and the bank server thus bypassing use of the 'switch' used by ATMs. The 'financial transaction switch' is an enterprise server that connects the ATM to information from various sources, which then dispenses with the switch, thus reducing the cost of the machine to about Rs. 50, 000. The server is encrypted and runs on a proprietary format developed at IIT-M.
The ATMs are being tested in Chennai at the moment.
Full story: CIOL