The customers of the bank are going to get a great facility soon. Under this, customers of one bank will be able to deposit cash in the ATM of another bank. National Payments Corporation of India (NPCI) is busy arranging for this.
He has already put in place the arrangement of payment from one bank to another. Now he is going to do the same in case of a cash deposit. This step means that you will no longer need to go to your bank branch or ATM to deposit money. For this, you will be able to use the ATM of any bank. NPCI believes that with the implementation of this system, the cost of operating the cash will come down. This will benefit the entire banking system. The interoperable cash-deposit system has been developed by the Institute for Development and Research in Banking Technology (IDBRT)
. It is in its early stages. This will also reduce the cost of the cash flow of ATM operators. The reason is that the cash deposited through machines can also be used to withdraw. In this way, banks will get rid of the hassle of repeatedly putting cash in the machine.
A private bank official said on the condition of anonymity that NPCI has asked all major private and public banks to join the interoperable network. By the way, banks have to take many things into consideration before accepting these conditions. For example, they have to deal with the problem of identifying fake notes. 14 major banks are already connected to the interoperable cash deposit network. NPCI estimates that around 30,000 ATMs can be upgraded in the first phase. A person associated with the case said that the hardware of the ATM will not have to be changed for this. The benefit of this facility will be that if someone is a customer of SBI, then he can go to the HDFC Bank branch or ATM and deposit money. At present, this facility is already available in some banks. Union Bank, Canara Bank, Andhra Bank, and South Indian Bank are among those banks.
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