You will soon be able to deposit cash in to your account, without queuing at the bank or dropping an envelope full of money at the ATM.
With Cash Deposit Machines (CDMs) being tested across the country, you could simply deposit cash, without an envelope, into the machine and see your account balance being updated in 20 seconds.
AGS Infotech, which supplies ATMs to banks, has introduced CDMs and is tasting success.
“We did proof of concept with three banks and installed 100 machines. They have liked it,” said Sunil Udupa, president and chief executive officer, AGS Infotech. “Three banks have placed orders for CDMs.”
According to sources, ICICI Bank has shown a keen interest and has placed orders.
CDMs are eventually expected to replace ATMs, as customers will be able to withdraw cash as well from the new machines.