The Department of Financial Services has unveiled three fintech initiatives at Global Fintech Fest 2026, targeting faster customer onboarding, wider digital credit access and a broader last-mile banking network.
DFS Secretary Sanjay Lohiya launched an open-source Android ATM capable of issuing personalised RuPay debit, credit and NCMC cards and merchant UPI QR codes instantly, potentially cutting turnaround times from weeks to minutes. The machines can additionally facilitate cheque deposits, account opening and loan applications. Banks are exploring their deployment as Digital Banking Units in semi-urban and rural markets, besides metro stations, airports, educational campuses and corporate parks.
Nine banks — State Bank of India, Bank of Baroda, Union Bank of India, Punjab National Bank, Bank of India, Central Bank of India, UCO Bank, Slice Small Finance Bank and Airtel Payments Bank — are evaluating the solution with NPCI and ATM OEMs Hitachi Payment Services, Perto India and Vortex Engineering.
The second initiative brings eligible Kisan Credit Card and PM MUDRA Yojana beneficiaries onto Credit Line on UPI, allowing sanctioned credit to be used for merchant payments. The schemes represent over 7.7 crore operative KCC accounts with sanctioned limits above ₹10 lakh crore and more than 57 crore PMMY loans exceeding ₹40 lakh crore.
The third, AePS Three-Party Cash Deposit, enables eKYC-registered customers to deposit cash into beneficiaries’ bank accounts through participating AePS Touchpoint Operators. Aadhaar biometric authentication and beneficiary validation add safeguards. Fourteen banks are currently enabled, with more expected to join.
