India’s second largest public sector bank, Bank of Baroda has become the first public sector bank to launch UPI(Unified Payment Interface ) enabled ATM(Automated Teller Machine). Earlier ,Hitachi Payment Services launched India’s first UPI enabled ATM under its brand name Hitachi Money Spot ATM.
The banks in which the government of India holds 51% or more equity shares are called public sector banks in India .SBI is the largest public sector bank in India
In a statement issued on 8 September 2023,Bank of Baroda said that it has enabled the UPI ATM facility at over 6,000 ATMs across the country.
Bank of Baroda has launched the UPI enabled ATM in coordination with the National Payment Corporation of India (NPCI).
The Unified Payment Interface (UPI) has been developed by NPCI and went live in 2016. It is a mobile based 24×7 fast payment system to send and receive funds instantly using a Virtual Payment Address (VPA) set by the user itself.