Central bank launches India's 2nd gold loan ATM in Tamil Nadu
Central Bank of India just launched an AI-powered Gold Loan ATM in Paramakudi, Madurai—marking a first for Tamil Nadu and only the second in India.
The machine makes getting a gold loan super quick, wrapping up the whole process in about 10-15 minutes with Aadhaar-based verification and instant gold checks.
The machine is built in partnership with GoldPe
You can walk up anytime (even outside bank hours), get your gold valued by AI, and receive 10% of your loan as cash on the spot—the rest goes straight to your account.
Built with fintech partner GoldPe, this pilot is aimed at semi-urban areas where people really need fast, easy loans.
Security's tight too: there's face matching, credit checks, and crime record screening to keep things safe.
Central bank is also expanding into insurance
Central Bank isn't stopping here—they're planning 45-50 new branches around Chennai and have recently stepped into insurance through a partnership with Generali Group.
It's all part of their bigger plan to grow and offer more services across the region.