The present available ATMs are useful for operating limited transactions such as cash with drawl and balance enquiry. Now the present ATMs are upgrading by the bank authorities with the additional features with replacement of Cheque Truncating Machines (CTM) at ATM centers. Withdrawal of cash with cheque, facility is launching through CTM and the same will come into force at the earliest. At present in bank timings only, the cheque can be cashed. In closing timings this facility is not possible to the customers. Even though the cheque has been deposited in the bank the cash will be credited to the individual account after some days time. However, through CTM the cheque can be cashed with no time. Presently the CTMs are using in large scale by the countries of North America and Europe countries.

In near future the CTMs will be introduced in India. The bank organizations are working on this project very seriously so as to provide benefit to their customers. The American companies SCR Cares, Dib old ink are manufacturing the CTMs. The details about mode of working of CTM, working plan and about precautions to be taken, are informing by these companies to bank people. The Government sector banks, the State bank of India, IDBI, ING Vysya bank etc., are showing very interest to purchase the CTM and planning accordingly. For using the CTM  the Reserve Bank of India  has given their green signal.  Hence the bank people will bring the CTMs to the country in very short  time.

Further on par with CTM facility, the cash deposit facility into individual account, through ATMs is introducing. As such the American companies have planning to manufacture that kind of machines. Through this ATM, if the cash has been deposited, then the cash will be credited to the individual account within 24 hours.

How the CTM works

On CTM available at ATM if the cheque is placed, immediately  the CTM will scan the cheque and changed it as a digital photo and send the same digital  photo to the Bank, which is issued the cheque for their clearance, then the cash amount as indicated on the cheque will be credited to the customer account within minutes.

This entire procedure will be processed with electronic system. This facility is useful not only to the bank customers and also useful to bank organizations. Hence permission has been accorded by the Reserve bank to all banks in India for use the CTM in the ATM centres. So far due to technical and technology problems, the CTM facility is not made available immediately. Now all the technical problems are solved. In the present ATMs some additional bank services are being provided. As such the facilities are increased to customers and cost of maintenance and establishment of the banks can be decreased.

So, we can expect the CTMs soon in the cities like New Delhi, Mumbai, Kolkata, Chennai, Bangalore, Pune, Hyderabad and Chandigarh etc. The address and list of CTMs in those cities will be announced as early as possible, when they installed.

For more details like, what is the limit of withdrawal amount, How much we can draw per day, can be found in the concern bank branches.