While the total number of ATM’s in India may be nearing 1 lakh, sadly, it is still a common sight to see people standing in long queues (in banks’) to get their work done. Forget banks’, there are queues even at some urban ATM centres, just to check their balance or to withdraw money.
No doubt these 90000+ ATM’s have significantly reduced the stress on the branches. But, it is the need of the hour that these ATM’s take double duty and also act as ‘Cash deposit Machines’ (CDM) or ‘Cash Collecting Machines’ (CCM). Since, mostly all the people standing in queues in the bank branches are there to deposit their money in their accounts.
As I said, there are already queues’ outside some ATM centres’ so it is of not much use if they just upgrade the ATM’s and add ‘Cash Deposit’ feature. On average, about 20000 new ATM’s (public and private) are being installed every year in India. As one can observe, this is just not enough. The finance minister has asked the public sector banks’ to double their ATM count (currently at 63000) with in 2 years and also add the ability to take in money, not just dispense them.
Few banks’ already have Cash Deposit Machines installed (mostly; if not all) in urban areas. SBI has installed its first ever CDM in Mysore only in May 2012. These machines work similar to the ATM’s. You just insert your ATM (or Debit card), enter your PIN, and put in your cash in the slot (in denomination of 100, 500 and 1000, up to 200 notes at a time) for the machine to collect them. After counting, the machine will print out a deposit receipt.
Over time, once the ATM’s also act as CDM’s, the only people who would go to banks (to the single window) will be those who want to deposit cheques, collect DD’s (….and?), who, definitely are much smaller in number compared to those who want to deposit their money.