NEWS & ADVICE : PERSONAL LOAN
ATMs would soon accept cash deposits too
By Vaibhav Aggarwal
Aug 29, 2011
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Very soon specially designed ATMs are likely to come up which would also be facilitating cash deposit mechanism along with the conventional task of cash withdrawal.

Now that cash withdrawal facility through ATMs has taken peak in the country, banks want to venture into the segment of cash deposit too through this machine.

According to sources having knowledge of the issue, two major lenders namely State Bank of India and Punjab National Bank have started working on this idea.

The project will first be started on pilot basis. Lenders are setting up these machines for premium customers only on pilot basis. Once it gets successful in the smaller level, it will be opened for the masses.

Bankers are however not sure as to they can recycle these funds or not.

"The RBI may insist that cash accepted be processed, and kept in a vault before you can disburse the same money to others," said a bank official.


 


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