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India may soon see envelope-free cash acceptors

January 3, 2012

According to India's Business Today, an Indian government-appointed committee is discussing whether or not to allow the deployment of ATMs with envelope-free cash deposit capabilities.

If the initiative is passed, the ATMs deployed by the banks will be equipped with a cash acceptor and will accept notes in denominations between Rs 50 and Rs 1,000.

Currently, machines only accept cash in envelopes and deposits have to be manually credited to accounts, which can take a day or more to clear.

The committee, led by Ashok Jhunjhunwala, a professor at the Indian Institute of Technology Madras, also suggested that the ATMs also have solar powered back-up, along with a surveillance system in place.

According to the article, Jhunjhunwala confirmed that the initiative recommendations are currently with the financial services department of the ministry.

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