NCR signs 600 cash deposit ATMs deal with State Bank of India

Infotech Lead Asia: State Bank of India (SBI) has selected NCR to deploy 600 NCR SelfServ 32 Intelligent Cash Deposit ATMs across India.

NCR claims that this order is the country’s largest single order for cash deposit ATMs.

The adoption of NCR SelfServ intelligent deposit ATMs enables SBI to reduce long queues at its branch and will give its customers the flexibility to execute everyday cash deposit transactions beyond banking hours.

There are two important benefits to SBI. According to NCR, a single cash withdrawal or deposit transaction at the branch can be reduced by up to 75 percent.

Also, using NCR ATMs, the cost for withdrawal can be reduced to Rs 10-15 from Rs 40-45 per transaction.

The Retail Banking Report for Deposit Automation and Recycling, 2012 predicts that the installed base of ATMs in India with automated deposit functionality is expected to grow five folds reaching 17,000 by 2017.

Jaivinder Gill, managing director, NCR India said, “The NCR SelfServ 32 with its large cash holding capacity ensures higher availability, while its innovative security feature validates genuine and counterfeit notes before accepting or crediting, and facilitates tracing every note to the depositor to counter frauds.”

In addition, NCR’s solutions will allow SBI to offer an array of revenue generating and customer serving opportunities such as bill payments, funds transfer and remittance via traditional card-based or cardless approach, mobile phone top-up, and couponing.

[email protected]