New Delhi: India's largest lender State Bank of India (SBI) has installed a round-the-clock cash deposit machine at its main branch in Mysore city, in an effort towards promoting paperless banking.
In the new cash deposit machine, a maximum amount of Rs 49,900 per transaction can be deposited while a maximum number of 200 notes under the denominations of Rs 100, Rs 500 and Rs 1,000 can be accepted per deposit, Krishna M Trivedi, general manager (Bangalore), network II, State Bank of India, said at an event.
However, a customer must have an ATM (automated teller machine) card to deposit money in the cash deposit machine, Trivedi said, adding that the money deposited gets credited into the account immediately and the machine then issues a statement of deposit.
The state-run lender also plans to set up more such cash deposit machines in other cities across the country, he said.
State Bank of India has over 13,700 branches across India and 170 overseas offices in 34 countries.
Shares of the bank Monday ended at Rs 2,137.95 on the Bombay Stock Exchange (BSE), up 0.32% from the previous close.