Hitachi Payment Services India has announced the launch of an upgradeable ATM. These ATMs can be upgraded to Cash Recycling Machine (CRM) anytime.  Hitachi claims that this is the first upgradable ATM in the country.

These ATMs, manufactured under the 'Make in India' initiative, will provide better convenience and efficiency to banks. Of the 2,64,000 ATMs/CRMs currently operating in the country, Hitachi operates over 76,000.  The company estimates a market of around 1,00,000 upgradeable ATMs in the next eight years.

What are CRM machines?

CRM machines are cash recycling machines. Through this, both cash deposit and withdrawal services can be availed.  Banks are currently providing round the clock cash withdrawal and deposit services at their branches through these cash recycling machines. However, banks at offsite locations generally only provide 24 hour cash withdrawal services through ATMs. Installing upgradable ATMs in such places will enable banks to expand their deposit and withdrawal services according to their business needs and local market conditions.