Hyderabad: Country's first gold ATM was inaugurated in Hyderabad on Sunday. Users will be able to withdraw desired gold using both credit and debit cards, disclosed officials. The facility was inaugurated by Telangana Women's Commission Chairperson Sunitha Lakshma Reddy at the office of the Gold Sikka Company at Begumpet in Hyderabad.
She highlighted the ATM as an 'example of emerging technology. Speaking at the event, Syed Taruj, CEO of Goldsikka Limited, said gold coins weighing 0.5, 1, 2, 5, 10, 20, 50 and 100 grams with 99.99 per cent purity would be available for buyers. At the time of purchase, documents indicating gold quality will also be issued, he added. The ATMs will open in Gulzar Houz, Secunderabad, Abids, Peddapalli s Warangal and Karimnagar districts.
The first gold-plated vending machine where users could avail of pure-gold items through a bank transaction was unveiled at the lobby of the Emirates Palace Hotel in Abu Dhabi. It delivered 10-gram gold bars as well as customised gold coins. The machine has various anti-theft measures, including being pre-tested to endure explosions and equipped with anti-money laundering software back in 2010. The machine also tracked market prices every 10 seconds and based on procured information, prices changed accordingly every 10 minutes.
