Financial Daily from THE HINDU group of publications
Wednesday, Mar 24, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 24, 2004 |
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Money & Banking
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Information Technology Steelage Ind to launch bank automation tools Our Bureau
Chennai , March 23 STEELAGE Industries Ltd plans to launch bank automation products to minimise the risk of handling cash in a bank or an automated teller machine. It would launch a safe vault that uses a robot to dispense cash to a bank official. The cost of the robotic safe deposit box would vary between Rs 15 lakh and Rs 25 lakh, said a company official. A member of the Swedish firm, Gunnnebo Security Group, Steelage Industries would also launch an ATM recycler, which would accept cash from customer, count it and provide a receipt. The machine would also recycle the cash and dispense it to a customer. The machine would cost Rs 20 lakh to Rs 30 lakh, Mr Naresh Hosangady, Managing Director, Steelage Industries, told newspersons here on Tuesday. The ATM recycler would minimise the risk of cash management and cash transfer from one place to another. Some of the country's public sector banks have shown interest in purchasing the automation products, he said. According to Mr Hosangady, Steelage Industries, which provides physical security products and fire protection devices and systems, would double its turnover to about Rs 160 crore in three years. The company is also looking at acquisitions.
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