Indian ATMs to double; accept deposits

Indian banks have been asked to double the number of ATMs and upgrade it cash collecting machines.

"People must take to banking ... Something like Rs 11 lakh crore lies as cash in hands of people. That Rs 11 lakh crore money should not lie in hands of people, it should lie in banks," said Finance Minister P Chidambaram.

He said more people will take to banking if there are more branches and facility to draw money whenever needed and put it back into banks when they do not require it.

"Now banks have been advised to quickly upgrade their ATMs to not only cash disbursing machines, but also cash accepting machines.

"The goal is to double it in two years. I am confident they will achieve it," he added.

He said upgrading ATMs to cash collecting machines will help in channelising a large part of cash lying with public in the banking system.

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