Banking: With the introduction of Cash Deposit Machines (CDM), Bank of Bhutan (BoB) customers will be able to deposit money at all times.

The BoB launched Bhutan’s first  CDM at its City Mall branch in Chhubachhu yesterday.

Two CDMs have been installed in the Thimphu branch to ease the introduction of the new service and assist clients in using the machines. Once the users are familiar with the features of the machine, the BoB plans to move them to off-site locations for the convenience of clients, and harness the full potential of the machines.

Speaking at the launch, the bank’s CEO Pema N Nadik said the service was introduced on a trial basis and that it would be launch nationwide depending on its success. “It depends on how reliable the machines are,” he said.

He hopes customers will use the service.

Pema N Nadik said the launch of the CDM further confirms BoB’s commitment and continued efforts to improve customer experience by making banking transactions convenient for its clients.

“With the cash deposit functionality of the CDM, together with other banking channels like Internet Banking and M-BoB, clients will now enjoy 24X7 banking facility in its true sense,” he said

The CDMs accept cash deposits round the clock and throughout the year. A CDM is enabled to function 24X7, even on holidays.

A CDM is a self-service terminal that lets you make cash deposits directly into your account linked to an ATM card.  The machine will verify the currency notes being deposited and ask for confirmation of the amount being deposited.  Once the amount is confirmed, the deposit is immediately credited to your account, and customers will be issued a receipt slip with break-up of the denominations and total amount, confirming the transaction.

The CDM is also capable of recycling the deposits and dispensing cash like an ATM.  However, this functionality will be enabled at a later date.The CDM will enable clients to make deposits directly into their accounts at their convenience. Initially, the bank has installed two machines at the City Mall branch in Thimphu.

BoB officials said the bank has been the leader in introducing new technology in banking, being the first to start Internet Banking, SMS Banking and Mobile Banking among others. The introduction of the CDM will enable the bank’s clients to make cash deposits to their accounts round-the-clock.

The CDM will accept Bhutanese currency of Nu 50,100, 500 and 1,000 denominations and will also intelligently detect and reject counterfeit, soiled, folded, mutilated, and torn notes, and all foreign currency notes through its multilevel security features.

With the launch of the facility, BoB customers who use CDMs will not need to fill up cash deposit slips or wait in queue to deposit cash. The cash will be instantly credited in the account.

The depositor will get a receipt instantly. There is also no need to sort and arrange your cash according to denominations.

Established in 1968 through a Royal Charter, the Bank of Bhutan is the oldest and the largest bank in the country with its presence in all 20 dzongkhags through a network of 29 branches offices and 17 extension counters.  The Bank has the largest network of ATMs with 82 spread throughout the country.  BoB is the only bank in the kingdom with primary membership of Visa and MasterCard and is the only bank issuing Visa branded Credit Cards for corporate bodies and individuals.

MB Subba