Mumbai: The Reserve Bank has allowed banks to install cash deposit machines at their selected locations without getting its prior permission.
The permission came after references from banks seeking RBI's approval to install cash deposit machines (CDMs) and Bunch Note Acceptor Machines (BNAMs).
"The issue has been examined and it is advised that scheduled commercial banks (including RRBs) are permitted to install Cash Deposit Machines/Bunch Note Acceptor Machines at centres/places identified by them without having the need to take permission from Reserve Bank," it said in a notification.
RBI, however, advised banks to install such machines with adequate security arrangements and also that they should not return any note suspect/counterfeit to customers.
For ATMs (Automated Teller Machines), RBI has already allowed banks to install off-site ATMs at places of their choice without getting its permission.
