Indian Overseas Bank plans to increase its multi functional cash recyclers by 176 pct

Indian Overseas Bank on Tuesday announced its plans to set-up 704 more multi-functional machines like currency recyclers, instead of plain cash dispensing automatic teller machines (ATM) by March 2018 from its existing 400 across India before the financial year 2017-18 ends.

The total number of recyclers will now stand at 1104, which is an increase of 176 percent across the country at places where the customer demand is mainly for cash withdrawals.

Cash recyclers are a recycling machine which accepts cash deposits from customers and also dispenses cash. With this increase in the number of cash recyclers, the customers including small business man, vendors and traders can now deposit or dispense cash round the clock, without much concerned about banking hours. These machine enabled cash recyclers are driven by high end technology which can control the frauds and eliminate human errors.

"In order to offer best-in-class and quick services to our customers, the bank has decided to expand IOB's hi-tech cash recyclers across the country. Apart from offering round-the-clock cash depositing and cash dispensing, this would also enable the bank to control frauds by reducing the risk of counterfeit notes accepted, eliminating human error, leading to improved service delivery for its customers. The ATM rationalisation initiative is expected to give a big momentum to the Bank's turnaround process and improving its visibility and customer base," said Executive Director IOB, K Swaminathan.

Under its ongoing ATM rationalization initiative, the digital banking department of the Bank has been continuously reviewing its performance under ATM services. The feedback, requests and demands received from the customers and the branches are taken into considerations for building the innovative digital banking services.

In the last sixteen months, the Bank has embarked on a path of turnaround and made impressive strides on the fronts of drastic reduction of operating expenditure, substantial increase in Operating Profit, NPA reduction, arresting the asset quality slippage, improvement in Provisioning Ratio for impaired credit, increase in CASA base i.e its Low Cost - No Cost deposits etc. The bank has also maintained its business base stable despite adverse market conditions.