The second wave of COVID-19 is going on in many countries including Bangladesh. During this crisis moment the Bangladesh Bank as well as most of the scheduled commercial banks has requested the clients as well as the businessmen to use risk-free alternative digital banking platform and also not to rush in the banking premises except emergency needs. This pandemic time, Cash Recycler Machines (CRM) is a suitable option to deposit and withdraw of money in a same machine to and from any branch without going to the banking premises. Many banks have started to replace the traditional ATM with CRM that also allow cash to be credited in real time basis. Unlike an ATM that just allows cash withdrawal; a CRM accepts cash, counts the notes, authenticates them and credits the amount to the bank account in real time, reducing the manual labour for banks.
Whereas digital banking is a part of the broader context of online banking and banking services delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by differing degrees of banking service digitization. Digital banking involves high levels of automation process and web-based services.
A cash recycler is basically a machine that takes in cash as deposit and stores the money in a built-in safe. It then reuses, or recycles the same notes for later transactions such as withdrawals or check cashing. The machine also counts, confirms note authenticity and fitness, and sorts the money by denomination. It also stores money securely, keeps an accurate accounting of cash on hand, and automates the cash cycle.
Customers now have to queue in the cash counter to deposit money when they can only withdraw money from ATM booth. CRM can change the scenario as revolution in the banking services and reduces the hassle of depositing money in the cash counter. Bank authority should make the facilities available for the clients to use CRM in this pandemic time instead of going to bank branches. Definitely it will save time, reduce stress and keep clients free from potential contagious.
(Mr. Rahaman is a banker).
