PUM in banking stands for Passbook Updation Machine.
A Passbook Updation Machine (PUM) is a self-service kiosk or terminal provided by banks to allow customers to update their passbooks automatically without the need to queue at a bank counter. It is a convenient way for customers to keep track of their transactions and account balances.
Key Features and Benefits of PUMs
- Self-Service: Customers can update their passbooks themselves, reducing reliance on bank staff.
- Convenience: Available during banking hours and sometimes beyond, offering greater flexibility.
- Reduced Queuing: Helps to alleviate congestion at bank counters, saving time for both customers and bank employees.
- Transaction History: Provides an up-to-date record of account transactions, including deposits, withdrawals, and other relevant details.
- Easy to Use: Typically designed with a user-friendly interface, making them accessible to a wide range of customers.
How a Passbook Updation Machine Works
- Insert Passbook: The customer inserts their passbook into the designated slot on the machine.
- Automatic Update: The machine reads the existing data on the passbook and prints the latest transactions and account balance.
- Retrieve Passbook: Once the update is complete, the customer retrieves the passbook.
Example Scenario
A customer wants to check their latest transactions and current account balance. Instead of waiting in line at the bank teller, they can simply use a PUM to quickly update their passbook and get the information they need.
