ICICI PayLater goes live

India-based ICICI Bank has launched robotic arms to sort bank notes at its currency chests.

The first commercial bank in the country to make this move, the technology will be deployed across 12 cities. It will handle over 1.8 billion notes annually and six million notes every day..

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The industrial robots will automate and perform repetitive high volume steps when handling cash processing.

The robotic arms have been deployed at the Bank’s currency chests across 12 cities. These are New Delhi, Jaipur, Chandigarh, Mumbai, Bengaluru, Hyderabad, Bhopal, Sangli, Mangaluru, Raipur, Siliguri and Varanasi.

Functions include:

  • Complying with the “Clean Note Policy” of the Reserve Bank of India, ICICI operated currency chests where cash collected from branches is sorted. It is then resent to branches and ATMs for dispensing;
  • Each robotic arm feeds unprocessed cash in three high-end note-sorting machines simultaneously. Also, it picks up processed cashg from the output sackers, aligns the loose notes, binds the packets, and drops them in respective trays, and
  • The robotic arms use a combination of sensors to check over 70 parameters within seconds.

Ms. Anubhuti Sanghai, Head – Operations & Customer Service, ICICI Bank, said “ICICI Bank has a legacy of leveraging cutting-edge and pioneering technology to create innovative propositions in banking. We have created new paradigms in the financial services industry by taking the lead in introducing path breaking innovations including internet banking, mobile banking, deployment of Blockchain for remittances and Software Robotics.

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“It is yet another proud moment for us as we are the first bank in the country and among few globally to customise and deploy the technology of industrial robotic arms for currency sorting. We have undertaken a large deployment of 14 industrial robotic arms at our prominent currency chests across 12 cities to digitise the currency sorting process. We will continue to invest in further mechanisation of note sorting technology and the next generation machines across all our currency chests.”