State Bank of India has inked an agreement with global technology company NCR to install 600 SelfServ 32 Intelligent Cash Deposit ATMs across India.
Adoption of the new ATM will enable the Indian lender to reduce long queues at its branch and will give its customers the flexibility to execute everyday cash deposit transactions beyond banking hours.
According to an estimate, a single cash withdrawal or deposit transaction at the branch can be reduced by up to 75% using the SelfServ 32 Intelligent ATM, which will enable the bank to reduce its operational cost.
A study carried out by NCR highlights that a normal withdrawal generally costs a bank between INR40 to 45 per transaction, while the same transaction may cost about INR10-15 at the new ATM.
The Retail Banking Report for Deposit Automation and Recycling 2012, underlines that the installed base of ATMs in India with automated deposit functionality is expected to grow by five times touching 17,000 by 2017, helping in ‘queue reduction’ and meeting ‘customer demand’.
Equipped with large cash holding capacity, the new ATM is capable of detecting counterfeit notes before accepting or crediting, and further facilitates tracing every note to the depositor to counter frauds.
Headquartered in Duluth, Georgia, NCR trades in more than 100 countries worldwide.