Axis Bank, an Indian private-sector FI, has marked the installation of 500 cash-deposit ATM at branches in more than 300 cities across India. For the first time ever, bank customers have the option to make cash deposits 24/7, with no more waiting for the branch to open, Axis said.
The bank's plan to roll out cash-in/cash-out ATMs was first announced in September 2011, with Hitachi-Omron Terminal Solutions Corp. named as the ATM provider and installer.
The cash-accepting machines transact deposits occur in real-time and allowing customers instant access to their deposited funds, said a report by Times of India. The machine sorts notes by denomination, then displays the deposit total, allowing the customer to confirm the transaction.
Axis banks expects that the machines will move the task of taking deposits from the teller line to the ATM, speed up transactions, and shorten customer wait times, the Times of India report said. Axis said the new machines shorten wait times for deposits from around 30 minutes to as little as one minute or less.
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