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Axis Bank Installs 200 CDMs (Cash Deposit Machines) Across 90 Cities

Axis Bank is India’s third largest private sector bank and it just did an wonderful task by installing 200 cash deposit machines in various branches in 90 cities across India. These machines will help customers to deposit cash in bank accounts anytime and also help ease the pressure on Banks during office hours.

Axis Bank Logo

Axis Bank

So what is a Cash Deposit Machine (CDM)? A cash deposit machine basically segregates the notes denomination-wise, counts and displays it for the customer’s confirmation before crediting the account and a receipt slip is issued after each deposit made confirming the transaction. This is a good step indeed with increasing problems with direct deposits in bank branches.

Mr R.K. Bammi, Executive Director of Axis Bank said that the deployment of Cash Deposit Machines will actually help the manual cash deposit transactions at the branch to be faster by diverting them to an automated environment.

Although, the machines are claimed to be totally error free, but only after these start getting used, we would be able to judge their usability. Axis bank is planning to install 350 more such Cash Deposit Machines over the next 6 months in more cities and towns across India.

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