Forget postage stamps — these ATMs dispense gov't securities

This week, India's IDBI Bank Ltd. became the first financial institution in the country to enable the sale of government securities through bank ATMs.

According to a press release from the bank, G-Sec facility is a unique initiative by IDBI to offer retail investors easy access to investment in government securities.

The process of transacting in G-Sec through the ATM is simple, convenient, transparent and cost- effective, the release said.

Retail customers of the bank simply register one time for the facility and are then able to invest in G-Sec at their convenience using any IDBI ATM.

The program furthers the FI's support of efforts by the government and the Reserve Bank of India to expand retail holding of government securities in the country.