SBI taps NCR Corp for 600 intelligent cash deposit ATMs

The State Bank of India (SBI) has roped in NCR Corporation, the country's largest ATM manufacturer and service provider, to set up 600 intelligent cash deposit ATMs across the country.

The cash deposit ATMs will allow Indian consumers to deposit cash at the ATM beyond banking hours, making everyday life easy for its customers.

The order for 600 `NCR SelfServ 32' intelligent cash deposit ATMs is also the country's largest single order for cash deposit ATMs, NCR Corporation said in a release.

The advanced teller machines will perform the cheque and cash withdrawals that currently make up more than 60 per cent of transactions performed at banks' teller counters, NCR said in its release.

With the adoption of NCR SelfServ intelligent deposit ATMs, SBI will be able to reduce long queues at its branch while also giving its customers the flexibility to execute everyday cash deposit transactions beyond banking hours.

Migrating high volume deposit transactions from the branch to the ATM reduces cost significantly for banks. A single cash withdrawal or deposit transaction at the branch can be reduced by up to 75 per cent. A personal withdrawal typically costs a bank between Rs40 to Rs45 per transaction, while the same transaction may cost about Rs10 to Rs15 at the ATM, NCR quoted from an internal study.

''We are delighted to work with SBI to lead the intelligent cash deposit revolution in the country. The Retail Banking Report for Deposit Automation and Recycling, 2012, indicates that some of the strongest drivers of growth for cash deposit ATMs in India are 'queue reduction' and 'customer demand'. The report further predicts that the installed base of ATMs in India with automated deposit functionality is expected to grow five folds reaching 17,000 by 2017 – clearly indicating a trend of increasing consumer demand for counter-based transactions to be available 24x7 on the self-service channel.'' Jaivinder Gill, managing director of NCR India, said.

''As consumers do more through the ATM channel, it becomes imperative for financial institutions to ensure their ATM network is secure and constantly up and running. The NCR SelfServ 32 with its large cash holding capacity ensures higher availability, while its innovative security feature validates genuine and counterfeit notes before accepting or crediting, and further facilitates tracing every note to the depositor to counter frauds,'' added Gill.

The NCR SelfServ 32 ATM offers solutions on an array of revenue generating and customer serving opportunities such as bill payments, funds transfer and remittance via traditional card-based or cardless approach, mobile phone top-up, and couponing – making everyday consumer interaction exceptional, he said.