Banks start to deploy industrial robot arms for banknotes sorting

30 august 2019

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 announced the deployment of industrial ‘Robotic Arms’ to digitise operations at its currency chests. The Bank is the first commercial bank in India and among few globally to customise and deploy industrial robots to automate and perform repetitive high volume steps in handling cash processing on high-end note sorting machines.

„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 notesorting that leads to higher accuracy and flexibility to handle larger volumes continuously. It has also enabled the personnel to focus more on value-added and supervisory functions.”, according to the press release.

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

Ms. Anubhuti Sanghai, Head – Operations & Customer Service, ICICI Bank, said: “We have created new paradigms in the financial services industry by taking the lead in introducing path breaking innovations. 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.”

The Bank has implemented the innovative use of robotics arms in its currency chest by customising the use of industrial robots for its requirements. Here’s how they function:

. In pursuance of the ‘Clean Note Policy’ of the RBI, banks operate currency chests, where cash collected from branches and authorised doorstep cash handling agencies is sorted on high-end note-sorting machines and is re-sent to branches/ATMs for dispensing to customers.

. At ICICI Bank, each industrial robotic arm feeds unprocessed cash in three high-end note-sorting machines simultaneously, picks up processed cash from the output stackers, aligns the loose notes, binds the packets and finally drops them in the respective trays as per quality of the note.

The execution of the country’s first robotics arms deployment at currency chests comes close on the heels of a slew of technology-led innovative services introduced by the Bank recently. The list includes the introduction of Software Robotics to power banking operations and its implementation of Blockchain to enable cross-border remittances.

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Gabriela Nistor – director general adjunct BT

Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale in 2020?