Business

ICICI Bank unveils ‘robotic arms’ to automate currency sorting at branches

Updated : August 28, 2019 04:08 PM IST

ICICI Bank on Wednesday unveiled ‘robotic arms’ to digitize currency sorting, making it the first lender in the country to deploy robots for its cash handling operations.

The robotic arms use a combination of sensors to check over 70 parameters within seconds that enable them to operate continuously and seamlessly without any break.

The robotic arms have been deployed across 12 cities so far.

ICICI Bank unveils ‘robotic arms’ to automate currency sorting at branches

ICICI Bank on Wednesday unveiled ‘robotic arms’ to digitize currency sorting, making it the first lender in the country to deploy robots for its cash handling operations.

“These robotic arms now help sort over six million notes every working day and 1.8 billion annually. This brings in a frictionless and completely mechanised process of note-sorting that leads to higher accuracy and flexibility to handle larger volumes continuously”, the bank said in a release.

The robotic arms use a combination of sensors to check over 70 parameters within seconds that enable them to operate continuously and seamlessly without any break.

“ICICI Bank has a legacy of leveraging cutting-edge and pioneering technology to create innovative propositions in banking,” Anubhuti Sanghai, head - operations and customer service, ICICI Bank, said about the bank’s latest initiative.

“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,” she added.

The robotic arms have been deployed across 12 cities that include New Delhi, Jaipur, Chandigarh, Mumbai, Bengaluru, Hyderabad, Bhopal, Sangli, Mangaluru, Raipur, Siliguri, and Varanasi.

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