Users are familiar with ATM (automated teller machine) for withdrawing cash from their respective bank accounts. Another type of machine called CDM (cash deposit machine) is also used by some banks for cash deposit without human help. But cash deposit machines don’t update account instantly. It takes one or two days to update bank account. On the other hand it’s a common incident that ATM machines are running out of cash.
To solve these problems a new type of machine called cash recycling machine (CRM) is introduced by seven private banks. By using credit or debit card users can withdraw cash anytime just like ATM machines. At the same time users can deposit cash like CDM (cash deposit machine). These are called cash recycling machines (CRM), which can detect counterfeit bank notes, count them and update user’s bank account instantly. As these machines are accepting cash from users and can deliver same bank notes to other users, these machines need fewer refiling than ATMs. This is reducing operating cost for banks.
More than two hundred and fifty cash recycling machines (CRM) are installed across the country, through which more than two hundred crore taka is being transacted each month.