Banks can install Cash Deposit Machines, Bunch Note Acceptors sans nod: RBI

Central bank says CDMs/BNAMs may be installed at any place identified by banks with adequate security arrangements

The Reserve Bank of India (RBI) today said that all Scheduled Commercial Banks (including regional rural banks) are permitted to install Cash Deposit Machines (CDMs)/Bunch Note Acceptor Machines (BNAMs) at centres, places identified by them without having the need to take permission from RBI in each case.

RBI said that CDMs/BNAMs may be installed at any place identified by banks with adequate security arrangements. Further, it said that CDMs/BNAMs should not return any note which is suspect / counterfeit to the customer.

An audit trail of transactions should be available to enable reporting detection of counterfeit notes. The banks (including RRBs) have to report full details of opening such off-site CDMs / BNAMs (that are not installed in existing branch premises/ATM rooms) to the Regional Office of concerned DBS or DBR, CO (in respect of CDMs / BNAMs installed in Maharashtra and Goa) immediately after installation, and in any case not later than two weeks after making the machines active/live.