State Bank of India and its five associate banks are reportedly considering installing approximately 4,300 cash recyclers across the country to replace its fleet of old ATMs or cash-dispensers that are more than seven years old.
The new cash recyclers, which will be launched by the end of March 2015, will accept as well as dispense currency notes through replenishment and recycling of notes, as reported by The Hindu Business Line.
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This will enable the bank to reduce its operation cost as the frequency of reloading the cash recyclers will decrease due to recycling of cash by the new machines. In addition, it will also decrease the risk of carrying daily earnings home for shopkeepers, traders, cabbies, as well as other businesses.
The new machines will also enable the banks to benefit from access to higher balances in a customer’s savings bank/ current account, according to the publication.
To identify counterfeit currency, cash recyclers will have an option to back-track the depositor for all notes deposited or dispensed, with a record of the serial number of individual currency notes.
The new recyclers will also feature bunch note accepting and dispensing capabilities, with a minimum capacity of 200 notes at a time and accepting/ dispensing all rupee denominations — 50s, 100s, 500s and 1,000s.
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By GlobalDataThey will be equipped with biometric authentication capability, featuring a fingerprint reader, as per Aadhaar specifications.
The cash recyclers will also be enabled for operation by visually-challenged persons and for wheel-chair based operation by physically challenged persons.
