India is currently renewing its ATM fleet with the deployment of new cash-recycling machines across the country. Hitachi Terminal Solutions India – a local subsidiary of Japanese group Hitachi Ltd – will provide the largest share of modern ATMs and plans to gradually increase production, maintaining its leading position in the region alongside the State Bank of India.
This growth meets demand as banks increasingly consider replacing their traditional and outdated machines. According to Loney Antony – managing director of Hitachi A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. Service Ltd – about 25% of the Indian ATM network needs to be enhanced. Hitachi group has already provided India with 9,500 cash-recycling machines since 2010 and accounts for about 47% of the Indian ATM network. The country plans to deploy 15,000 new machines by the end of March 2018.
Cash-recycling ATMs contain advanced functionalities and enable consumers not only to withdraw Money in physical form such as banknotes and coins. at any time but also to deposit banknotes, a service that is especially needed by retailers but is also useful to consumers to better manage their finances. Furthermore, The process of converting waste materials into new materials and objects. Banknotes are increasingly recycled after destruction, and the waste is often used for landfills, isolation material etc. Polymer notes are melted into pellets which are recycled into new products. Recycling is often incorrectly used instead of recirculation. See Recirculation. ATMs can detect fake notes and validate, sort and store cash quickly, reducing banks’ operational costs and contributing to the fight against counterfeiting.
To read the original article, please click here.