Letter To the Editor
Cash Recycler Machine, innovative banking service
Many banks have started to replace the traditional Automated Teller Machines (ATM) with Cash Recycler Machines (CRM) that also allows cash to be credited in real time basis.
A cash recycler is basically a machine that takes in cash as a deposit and stores the money in a built-in safe. It then reuses, or recycles, the same notes for later transactions such as withdrawals or check cashing. The machine also counts, confirms note authenticity and fitness, and sorts the money by denomination. It also stores money securely, keeps an accurate accounting of cash on hand, and automates the cash cycle.
Cash recycling improves both staff productivity and operational efficiency. It reduces labor and other cash handling costs while tightening cash controls and maximizing cash inventory. When businesses combine the power of cash recycling technologies and practices, they experience unprecedented flexibility to grow and adapt their services.
Before introducing CRM in Bangladesh, customers have to queue in the cash counter to deposit money but withdraw from ATM booth. Now CRM made a revolution in the banking services and reduces the hassle of deposit money in the cash counter. So, financial institutions must be at the forefront of the latest technology to ensure security and compliance with government regulations.
Md Zillur Rahaman