ICICI Bank Started using Robots for cash counting

Industries are now using robots for many of their work. Latest in the list is banking industry. Banking sector is now moving ahead in technology with these steps. The ICICI bank is the one which took this initiative in the banking sector. ICICI bank has recently announced that it will use robots for counting cash in the banks.

This announcement has made the ICICI bank as the first bank of India to deploy Robotic arms in its currency chests. Bank in the statement said that in future too it will invest more for mechanisation of note sorting. It will be using the mechanisation in all of its branches in the near future.

Anubhuti Sanghai, Head – Operations & Customer Service, ICICI Bank  said “We have undertaken a large deployment of 14 industrial robotic arms at our prominent currency chests across 12 cities to digitise the currency sorting process,”

RBI has allotted the branches of the banks as currency chests where banks can store the currencies before distributing to the customers. Here they also keep the spoiled notes which they can return to apex banks later.

The ICICI bank ll deploy the robotic arms in the branches of Delhi, Jaipur, Chandigarh, Mumbai, Bengaluru, Hyderabad, Bhopal, Sangli, Mangaluru, Raipur, Siliguri, and Varanasi. These robots will help in sorting of 1.8 billion banknotes annually.

Bank also stated “It has also enabled the personnel to focus more on value-added and supervisory functions,” the bank added.