ATMs to become virtual bank branches, accept deposits with instant credit

Nearly 95 per cent of replacement orders for automated teller machines (ATMs) are for new-age recyclers, which not only dispense cash but also allow deposits that get reflected in the account immediately.

It has set the stage for ATMs to don the mantle of a “virtual branch network”, and become a remittance channel in its own right, thanks to inter-operability of these machines.

Close to 14.6 per cent (or 35,000) of the 240,000 ATMs in India are new-age recyclers, even though they have been around for only 3 years on the local landscape.