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Instant cheque reading ATMs with Cheque Truncating Machine

SBI, IDBI & ING Vysya Among Banks Interested In Special Machines; Reserve Bank Blesses Move

NEED cash urgently but have already overdrawn from your account? You have a cheque from a client but it is of little use in the dead of night. Lost or misplaced your debit card and need cash to pay the party organiser for your little one’s first birthday celebrations? Help is on way, as a couple of banks in India are testing a technology that facilitates instant cheque encashing at ATMs.

Used widely across North America and Europe, cheque truncating machines (CTM)—the contraption that make real-time cheque verification and clearance possible—sit inside special ATMs that the world’s largest makers of these machines, like US-based NCR and Diebold, are now hawking to few banks in India. Government-owned State Bank of India, the country’s largest lender, IDBI and ING Vysya are a few banks that have evinced interest in such ATMs. Banking regulator RBI too has welcomed the move, saying it will be good for customers.

NCR has been showcasing its CTM-ATMs to banks in India since last month. We will also be launching new ATM machines, in which you can just insert a bundle of notes of any denomination. The ATMs will read the notes, and credit the amount in your account instantly

Currently, one has to put cash inside an envelope to deposit inside ATM. It gets credited in about 24 hours. There are over 48,000 ATMs in the country, split between three big makers––NCR, Diebold and Germany-based Wincor Nixdorf.

A CTM-ATM scans the cheque inserted in and produces a digital image of the same. It sends the digital cheque image electronically to the IT network of the issuing bank for clearance.

Within seconds, the amount is credited to your account, which one can withdraw immediately via a debit card. Or in case you have lost or misplaced the debit card, issuing a cheque to a friend can solve the cash crunch as she can withdraw the money using her debit card.

An RBI spokesperson said that banks are already allowed to use CTM (Cheque Truncating Machine) scanners for inter and intra bank purposes.

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