Banking News/Business and Financial News

No more worries as to secure change for your money

Coin vending machine to take much of hassles of public where otherwise, if they wanted change for higher denomination notes or coins, earlier they would have asked others, or go in search all around, now coin vending machine made their work simple.

L.Raghunanda

4^th Estate

You insert a note of Rs 10, or Rs 100 and mention the denomination of changes in terms of coins, you will get it, this is the latest coin vending machine.

Kilburn which is the leader in terms of sourcing Banking products and automation machine,Has been the provider of this kind of coin vending machine for 90 percent of banks in India.Not just that Kilburn has been the provider of note counting machine, note binding machine ATM machine.

And completely automated UCO Bank is the first nationalised bank to have this vending machine, in all most all its branches. “While Reserve Bank of India (RBI) has been giving subsidy of 50 percent to install this coin vending machine in their bank in city.

While 75 percent of subsidy is given by RBI if the same coin vending machine is installed in any of the bank in rural areas ,the cost of coin vending machine as of now being Rs 2.5 lakhs, most of the bank prefer to have one of this kind coin vending machine” said M.K Pandey Area Sales Manager Banking Products Kilburn Office Automation Ltd.

It is known by now that various banking solutions, in terms of automation machine, note counting, note binding, be it whatever is terms of technology transfer, is from Netherlands to India and rest of the world.

Since Kilburn is closely associated with Kusters Ltd, Netherlands, “India which borrowed much of banking technology solutions from Kusters, of late India has been able to produce, manufacture machine indigeniously, to work out the cost” said M.K Pandey.

While RBI has been going on drive to install this type of coin vending machine in Railway station, bus stand, malls in the city.

M.K Pandey said “ in future days you will get to see this type of coin vending machine in every street, next to pavement, and every street, and public places so to say must have one of the coin vending machine for convenience of customers.

Commenting on the technology Kilburn is working in this regard to provide efficient service to customers, so focusing that M.K Pandey said “ At Kilburn the research is going on to provide advanced banking automation machine.

“And like that in future you will get to see from Kilburn multifunctional machine, where you will get to see in one single machine, where you can pay electricity bill. telephone bill, etc., you can also withdraw the cash.

“You have to just drop the electricity bill, telephone bill and according drop the money of such amount , or cheque in the inserted hole of multifunctional machine and you will be given instruction, and printed receipt comes out from the machine ,saying you have paid following money, and thank you for using the service.