News: ICICI Bank plans new-age ATMs

(BL 07/07/2006) Kolkata - ICICI Bank proposes to modify the technology behind ATMs that determines how the money-dispensing machine works. A project taken up in association with IIT, Chennai is looking at ways of dealing with a host of critical issues that may seem pretty run-of-the-mill in an urban neighbourhood but insurmountable in a typical Indian village.

Dr Nachiket Mor, Deputy MD of ICICI Bank, is working towards introducing futuristic machines as part of its plan to reach out to more customer segments, especially those in non-metros.

New machines

The new machines are likely to have security features not found in the ones commonly used. These may be able to recognise old, used notes as well. It is not known at this stage as to how many of such machines may be rolled out.

ICICI Bank has already installed many new ATMs in the recent past as part of its programme to provide greater off-site access to customers. The idea is to allow more people to use ATMs - which would eliminate their need to physically visit bank branches.

"The technology we plan to use here is smarter. The plan is to overcome what is proving to be a major challenge for some of our customers," said Dr Mor.

He referred to a number of specific cases where bank access has to be provided at odd hours. Certain agri commodity centres, for instance, may require banking facilities only after 6 p.m.