Buoyed up by the customer response to its cash deposit machines, State Bank of India (SBI) has placed orders to procure an additional 600 such machines that would help take the network to more locations across the country.
“Six hundred machines are on the way and each costs Rs.9 lakh. We are procuring the machines from the US,” SBI Chief General Manager (Corporate Strategy and New Businesses) R.Karthikeyan said.
The decision to install more cash deposit machines is also driven by the multiple benefits that are likely to accrue, including commercial establishments using the facilities bringing more new business to the bank. SBI has now 135 such machines in various cities, and the daily cash collection through them is Rs.3 crore.
When asked if the machines would result in reduced footfall in the branches, Mr.Karthikeyan, said though such a possibility could not be ruled out the objective was to change the direction of the footfall. “We want to have people who come [to the branch] to do business,” he explained.
The cash deposit machines were part of the technology-aided strategies being adopted by the SBI to expand its footprint in the retail segment. It has also launched Business Debit Card with which traders could make online payments to those in the business chain and pay utility bills.