How does Cash Recycler Machine work against fake currency
In recent times, the incident of getting fake notes from ATM has increased significantly. The Reserve Bank of India has found a new strategy for people to get rid of fake currency notes from ATMs. Under this scheme, cash recycler machine is being installed by Reserve Bank of India in place of ATM machine. This machine also works with cash deposits and cash withdrawal as well as identifying counterfeit notes. In this article we are giving details of the features of the cash recycler.
Rein on counterfeit banknotes
After depositing cash by cash recycler machine, the sensor of the recycler will identify and return the counterfeit note. If the recycler takes a fake note, then he will put it in separate cassettes of fake notes. Due to which this money will not be added to that customer's account, rather a fake note will be registered in his account.
Note: The first cash recycler machine in India was used by "Bank of Baroda". Bank of Baroda installed the first cash recycler machine in India with the help of Japanese company "Hitachi".
Features of Cash Recycler Machine:
1. There are six cassettes in the Cash Recycler Machine. First cassette is for Rs. 2000 notes, Second cassette is for Rs. 500 notes, Third cassette is for Rs. 100 notes and Fourth cassette is for fake notes. The remaining two cassettes are reserves.
2. Cash Recycler Machine works as ATM Machine, Cash Deposit Machine (CDM) and Duplicate Note Detector Machine.
Image source: India Tech Online
3. This machine works 24-hour like an ATM machine. The price of this machine is about 7.75 lakh rupees. There are 200 notes can be deposited in this machine at a time.
4. The Cash Recycler Machine has also the facility of maintaining a record of notes collected in different value.
5. In the Cash Recycler Machine, cash is not entered by the bank, rather than the notes deposited by the customers other customers receive cash.
6. When any one deposited cash through Cash Recycler Machine, then after half an hour it starts appearing in his account.
7. Like ATM machine, ATM card is required for cash withdrawal from Cash Recycler Machine.
Profit of Cash Recycler Machine:
1. Cash Recycler Machine is very beneficial for traders. Now, instead of bringing his cash into the bank, they can deposit directly into the Cash Recycler Machine. It will also be safe for them and save time too.
2. Cash Recycler Machine will reduce the long queues of customers in banks.
3. Through Cash Recycler Machine any one can deposit cash only from account number without using the ATM card.
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