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SBI sets up cash deposit machines at ATM booths

Daily News & Analysis   |  Jul 29, 2013, 13:28PM IST
Indore: With an aim to ease out crowded branches in the city, the State Bank of India has started installing Cash Deposit Machines (CDM) at half a dozen ATM booths and has started appointing Business Correspondents -- for handing petty bank transactions outside the bank.
 
Such modern CDMs have been installed at ATM outlets in Polo Ground area, YN Road, Palsikar Colony, GPO, Old Palasia etc.
 
These machines operated by ATM cards, could be used for depositing cash by card holders, round-the-clock.
 
However, the machine would only accept notes in denomination of Rs 100, 500 and 1000 with a minimum deposit limit of Rs 100 and maximum of Rs 49,900.
 
Significantly, for depositing amount of Rs 50,000 or more, the bank customer requires pan card number and these transactions are dealt by bank branches.
 
Banking consultant Suresh Shukla said that these machines could only be operated by ATM card holders and for depositing cash in others' accounts, the persons should use services of green channels at SBI branches.
 
Shukla added that SMEs customers have been given INSTA deposit cards for using the services of CDMs.
 
"The basic aim of the initiative is to reduce crowd at SBI branches and offering customers convenient option of depositing cash anytime, even on holidays."
 
Shortly, a dozen more ATM outlets would have these CDMs.
 
Besides, the bank is also appointing Business Correspondents (BCs), who would handle petty banking transactions like depositing and withdrawing cash for bank customers, paying amount of pension and scholarships in return for nominal fee.
 
The BCs have already been appointed in non-banked rural areas--as per RBI guidelines.
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