Money & Banking

ICICI Bank deploys ‘Robotic Arms’ for currency sorting at its chests

K R Srivats New Delhi | Updated on August 28, 2019

ICICI Bank becomes the first bank in India to launch ‘Robotic Arms’ for currency note sorting.   -  Bloomberg

ICICI Bank has deployed Industrial ‘Robotic Arms’ for note sorting at its currency chests across 12 cities. It has become the first commercial bank in the country to customise and deploy industrial robots to automate and perform repetitive high volume steps in handling cash processing on high-end note sorting machines.

Anubhuti Sanghai, Head - Operations & Customer Service, ICICI Bank, said, “We have undertaken a large deployment of 14 industrial robotic arms at our prominent currency chests across 12 cities to digitise the currency sorting process. We will continue to invest in further mechanisation of note sorting technology and the next generation machines across all our currency chests.”

Asked about the benefits flowing from the deployment of industrial robots at currency chests, she said that the benefits include space optimisation; scalability (work uninterrupted for longer days) and ability of handling higher volumes.

"With this announcement, we have finished deployment of industrial robots in the identified locations. As of now, we are not looking at adding more. But we certainly are going to set up more currency chests. We will then take a call on technology developments and also on the next round of expansion (for industrial robots deployment)", Sanghai said.

Deployment of 'robotic arms' in the currency chests at the 12 locations does not mean that already employed people in these chests will go redundant. "Even in these 12 locations, we will have people operating smaller machines", she said.

How it works?

Each industrial robotic arm feeds unprocessed cash in three high-end note-sorting machines simultaneously, picks up processed cash from the output stackers, aligns the loose notes, binds the packets and finally drops them in the respective trays as per quality of the note. The robotic arms use a combination of sensors to check over 70 parameters within seconds that enable them to operate continuously and seamlessly without any break.

The robotic arms have been deployed in New Delhi, Jaipur, Chandigarh, Mumbai, Bengaluru, Hyderabad, Bhopal, Sangli, Mangaluru, Raipur, Siliguri and Varanasi.

These robotic arms now help sort over six million notes every working day and 1.8 billion annually.

Published on August 28, 2019

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