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State Bank of India and its five associate banks are planning to collectively install 4,300 cash recyclers, which will accept as well as dispense currency notes through replenishment and recycling of notes.
The bank and its associates will roll out these recyclers across the country by March-end 2015 as replacement for old ATMs or cash-dispensers that are seven years or more old.
Savings for banksThe advantage of such a move is that savings will accrue to the bank. Reason: the number of times the recyclers have to be replenished with cash will come down as customers will also be putting cash into it for instant credit to their accounts, said a senior bank official.
The risk of carrying daily earnings home for shopkeepers, traders, cabbies, and others will also be minimised.
Further, the bank could also reap the benefit of access to higher balances in a customer’s savings bank/ current account. To keep counterfeiters at bay, the cash recyclers will have the capability to back-track the depositor for all notes deposited or dispensed, with a record of the serial number of individual currency notes.
The recyclers, according to the bank’s request for proposal, will also have 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.
The machine will be able to recognise the year of issue of the currency and can be configured in a way that while currency printed in or up to a certain year may be accepted (or rejected) by the machine, it may not be dispensed.
Fingerprint readerFor customers who are not tech-savvy and uncomfortable using a PIN for transactions, the cash recyclers will come with biometric authentication capability, with a fingerprint reader, according to Aadhaar specifications.
The cash recyclers will be enabled for operation by visually-challenged persons and for wheel-chair based operation by physically challenged persons.
In the last year (up to June-end 2014), the State Bank group has added 17,352 ATMs, taking their total number to 53,107.
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