A Quick Guide to Cash Recycler Machine (CRM)

In recent years, banks in India have been rapidly adopting innovative financial technologies to enhance customer experience. One such development is the introduction of Cash Recycler Machines (CRMs)—a modernized version of ATMs that allow both cash deposits and withdrawals. Unlike traditional ATMs that only dispense cash, CRMs can accept, verify, and recycle cash deposits in real time. Let’s explore how these machines work, their benefits, and why they are becoming a popular choice among banks.

What is a Cash Recycler Machine?

A Cash Recycler Machine is an advanced self-service banking device that allows both cash deposit and withdrawal. It also authenticates currency notes, helping banks detect counterfeit money and manage cash more efficiently.

How Does a Cash Recycler Machine Work?

A Cash Recycler Machine functions similarly to an ATM but with additional features. Here’s a step-by-step breakdown of its operation:

1. Cash Withdrawal: You can withdraw cash just like at a regular ATM by inserting your debit card and entering your PIN.
2. Cash Deposit: Customers can deposit cash into their account using a CRM. The machine counts, verifies, and processes the currency notes before crediting the amount to the customer’s account.
3. Denomination Display: When you deposit cash, the CRM displays the denomination-wise breakdown and total amount. You need to confirm the details before proceeding.
4. Real-time Account Update: The deposited amount reflects in the bank account instantly, ensuring faster transactions.
5. Other Banking Services: In addition to deposits and withdrawals, CRMs allow users to change their PIN, check account balances, and print mini statements.

Key Features of Cash Recycler Machines

• Dual Functionality: Unlike ATMs, CRMs facilitate both cash deposits and withdrawals.
• Denomination Recognition: The machine counts and verifies notes before processing deposits.
• Real-Time Transactions: Deposits reflect immediately in the user’s account.
• Note Authentication: CRMs detect counterfeit, torn, or damaged notes and reject them.
• Multi-User Accessibility: Customers can deposit cash into their own accounts or into a beneficiary’s account (within the same bank).
• Deposit Limits: Cash deposit limits vary based on the method of deposit (debit card or account number entry).

How to Use a Cash Recycler Machine?

To deposit cash using a CRM, follow these steps:

1. Visit your bank’s CRM and insert your debit card or enter your account number manually.
2. Choose the Cash Deposit option.
3. Place the cash in the designated deposit slot.
4. The machine will scan, count, and verify the currency notes.
5. Confirm the denomination breakdown and total amount displayed.
6. Upon confirmation, the cash is credited to your account immediately.
7. Collect the transaction receipt for your records.

If you’re using Ujjivan’s CRM, click here to get a comprehensive idea.

Why are Banks Adopting Cash Recycler Machines?

1. Cost Efficiency: CRMs reduce operational costs for banks by minimizing cash handling at branches.
2. Enhanced Customer Convenience: Customers can deposit and withdraw cash 24/7 without visiting a bank branch.
3. Improved Cash Management: Recyclers redistribute deposited cash for withdrawals, reducing ATM cash refilling frequency.
4. Fraud Prevention: CRMs detect fake notes, reducing fraudulent deposits.
5. Faster Transactions: Real-time deposits and withdrawals improve banking efficiency.