IOB to ramp up its multi-functional cash recyclers across India

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. 

Cash recyclers are a recycling machine which accepts cash deposits from customers and also dispenses cash. With this increase in the number of cash recyclers, the customers including small business man, vendors and traders can now deposit or dispense cash round the clock, without much concerned about banking hours. These machine-enabled cash recyclers are driven by high end technology which can control the frauds and eliminate human errors. 

K Swaminathan, ED, IOB said, “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”. 

Under its ongoing ATM rationalisation initiative, the digital banking department of the Bank has been continuously reviewing its performance under ATM services. 

In the last 16 months, the Bank has embarked on a path of turnaround and made impressive strides on many fronts including drastic reduction of operating expenditure, increase in Operating Profit and NPA reduction.