IOB to increase multi functional cash recyclers by 176 pc

30 Jan 2018

Indian Overseas Bank (IOB) has planned 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% across the country at places where the customer demand is mainly for cash withdrawals.
K Swaminathan, Executive Director, IOB said, "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". (EOIC)