Thursday, December 6, 2007

Indian banks to install deposit automation machines

Indian banks are updating themselves to improve their services and customer satisfaction.

The first step taken in this direction was installing of ATMs at the bank premises and now they are installing at railway stations and in some rural locations.

Working on the same line the banks are now introducing automatic deposit machines on the lines of ATMs at select branches. At least three banks, including one in the public sector, will be first to install the machine.

The deposit automation is a prevalent practice in the developing countries but is unheard of in Indian banking. Only ICICI bank is the one amongst the private sector which has already put in place an unmanned deposit system in the premises of a branch. That, however, is not automated.

Though many banks offer automatic deposit services through ATMs, but there is no scope for authentication of notes and can be done only through an envelope.

The 'deposit automation' system is US-based manufacture of dispensing and securities of valuable items, Diebold. By using this machine the customers will be able to deposit notes in different denominations and in numbers without using envelope. It could also check fake notes and return them to the customer who bears it.

Diebold Indian subsidiary is mainly into selling Automated Teller Machines (ATMs). It is now planning to come out with the sophisticated 'deposit automation' machines as well.

"We are in talks with three Indian banks to supply the technology and machines for automated deposits. We hope at least one private sector bank would adopt the deposit automation in the first few months of next year and three by the end of that year," Diabold Systems Director (Sales and Marketing) Rupinder Anand told PTI on the sidelines of a banking congress held here.

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