HISTORY OF ATM

8/7/2019 HISTORY OF ATM

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HISTORY OF ATM

The history of ATM can be traced back to the 1960s, when the first ATM machine was

inventedby Scot John Shepherd-Barron and used by Barclays Bank in 1967. However, while

Shepherd-Barron has the major claim to fame, there have been many other individuals whohave also invented some version of the ATM. The machine itself has evolved over the years,

with the earlier versions restricted to only one or few banking functions. There has been

much debate, however, on who invented the first early versions of Automated Teller

Machine. But the history of ATM can be visibly traced back to the year of 1967.

In 1939, a rudimentary cash dispenser was invented by Luther George Simijian and

established by the City Bank of New York. However, the machine did not work much andhad to be removed within six months of putting up the machine. The early versions of the

ATM were restricted to cash withdrawal only. In the 1967 model, patented by Shepherd-

Barron, the plastic cards did not exist and instead vouchers with a strip of radioactive

substance was used for withdrawing cash. Consequently, the vouchers were matched with aparticular personal pin code used by the bank to identify the customer. The ATM was

inaugurated by renowned British actor, Reg Varney. The personal identification number was

initially a six numbered password, and was later changed to a four numbered password.

However, this automated teller machine was very different from the modern day teller machines, which is based on an electronic system between the different branches of the bank.

Thus, the history of ATM has seen many changes over the span of 25 years since 1939.

Another co-patent to the invention of the ATM was Don Wetzel, the Vice President of

Product Planning at Docutel. While the conceptualization began in 1968, the patent was

issued only in 1973. This cash dispenser was first used by the New York basedbank, namely,

the Chemical Bank. As was the case with the ATMs of during those years, they were hardly a

multi-functional unit. Moreover, they were not based on any electronic system. Hence, thedebit cards, distinct from credit cards, were given to only selected clients with good track

records. The first ATM cards, with magnetic strips were developed by three individuals,

namely Don Wetzel, Tom Barnes and George Chastain. While there were manydevelopments in the history of ATM, the service itself took a stronghold only in the 1970s.

Today, the ATM service has become indispensable to our modern day lives.

« Automated Teller Machine

ICICI Bank is one of the leading banks in India. It is the second largest bank in India as well.

It had assets over Rs. 3,446.58 billion for the fiscal year 2007. As far as market

capitalization is concerned, the ICICI Bank is ranked third amidst Indian banks.

TheICICI Bank has a wide network of branches and ATMs all over the country. Besides

India, ICICI Bank is present in 17 other countries all over the world. The bankprovides a

wide range of banking and financial services to its clients, spread across the world.



Presently, ICICI Bank has subsidiaries in United Kingdom, Russia and Canada. Moreover,

the bank has its branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai

International Finance Center. The bank also has representative offices in the United States,

China, South Africa, U.A.E., Bangladesh, Thailand, Malaysia and Indonesia. The equity

shares of the ICICI Bank are listed on the Bombay Stock Exchange and National Stock

Exchange. ICICI ATMs are spread all across the country. Besides

the metropolitan cities, ICICI ATMs are also present in the most remote parts of the countryas well.

In cities like, New Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad, ICICIATMs

can be found in almost all nooks and crannies of the city. Catering to the needs of the

customers has always been very important for ICICI Bank from the very beginning. Keeping

this aim in mind ICICI ATMs have been set up in parts of the cities where no other banks

have any ATM. ICICI ATMs have specially been set up in the areas, where there are a

concentration of industries and offices. Besides these cities, ICICI ATMs have also been set

up in cities like, Bhagalpur, Agartala, Agra, Bambolim, Balasore, Darjeeling, Guntur and

Gangtok.

STATE BANK OF INDIA.

There are many banks in India.Among those banks, the one which is largest is the

STATE BANK OF INDIA.When coming to the no. of employees and branch officers, ittakes the second place in the world.In 1806, this bankwas established as

the bank of Calcutta. It was nationalized in 1955 by the Indian Government.

This bank, which is having a vast network not only in our country but also in the overseas,

provides a huge range of products for banking.It also aims the products for NRIs.It¶s asset

base is around $126 billion and more!!By introducing the scheme of golden handshake it has

reduced huge manpower.However, by starting the programme called Parivartan or Change, it

was unsuccessful in improving the service quality.

HISTORY OF STATE BANK OF INDIA: In the 19th century of its first decade, the roots of this bank rest.On 2nd june,1806,the Bank of Calcutta was established.Later it was renamed as the Bank of Bengal.In 1959,the

Indian Government gave the permission to start its 8 associated banks(state).On 13th

September, 2008, among the associated banks, one of thebank named State Bank of

Saurashtra merged with this bank. The employees did not accept for this. So, the management

offered sops to make them agree.

ASSOCIATED BANKS OF SBI:

The associated banks of SBI are:

1. State Bank of Indore.

2. State Bank of Bikaner and Jaipur.3. State Bank of Hyderabad.

4. State Bank of Mysore.5. State Bank of Patiala.

6. State Bank of Travancore.

GROWTH OF SBI:



The bank has been acting as a guarantor to Government of India especially during the period

of Chandra Sekhar as a Prime Minister.The bank has an extensive coverage with more than

10000 branches and more than 6500 associate branches ofbank.Under the system of

Core Banking, it has electronically networked all of the branches.It has the largest network of

ATM.There are more than 8500 ATMs around the whole country.In 1992, by the scam of

Harshad Mehtha the bank was marred, but still it had a good growth. It made its expansion in

the overseas through buying foreign banks.

GROUP COMPANIES: The group companies of SBI are

1. SBI Capital Markets Ltd.2. SBI Mutual fund.

3. SBI Factors and Commercial Services Ltd.

4. SBI DFHI LTD.

5. SBI Cards and Payment Services Pvt Ltd.

6. SBI Life Insurance Co. Ltd.

7. SBI Funds Management Pvt Ltd.8. SBI Canada.

SBI ATM: The bank offers the ATM service, which means that using the bank card, at cost free we cantransact.

ACHIEVEMENTS: 1. Lipper Award-The Lipper India Awards 2008.

2. ICRA-Mutual Fund Awards 2008

3. Outlook Money-NDTV profit Awards.

4. AwaaZ Consumer Awards 2007 and many more ..

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HISTORY OF ATM