In this idea, we can explore a new concept, never before tried in banks with currency notes. Here, Customer who wants to deposit from small amount of money like 100 rupees to 10,000/day can use this facility. The amount to deposit should be a single note( Notes of Rs.100,Rs.200,Rs.500,Rs.2000). A single customer can deposit up to 5 notes in a day.
First, the customer has to install Mobile Banking App in cell phone. The Mobile Banking App will have all the details of the customer’s account. In that App, a new option for scanning currency notes has to be provided. The App scans the currency note, the customer wants to deposit. App will take a picture of the currency note and reads the currency note number. It verifies the note number by asking confirmation from the customer. Currency Notes picture and number will be sent to Bank’s Central database. After this, the customer should go to the bank and simply deposit the currency note in a specially designed Currency Collector Machine. This Machine will receive currency note numbers from central database, updated every 5 minutes. When a customer feeds the Currency Note he has scanned in Mobile Banking, Currency Collector Machine simply scans the note and checks whether the note is not fake, not damaged. Then, checks if a match is found in the database, displays the name of the Account Holder in the display attached with the device. If Name is correct, the customer presses ok button. Then, the Transaction is approved and a confirmation slip with account number and a transaction number is ejected. The customer takes the slip and leaves. Once the transaction is approved, the Currency Note Number will be deleted from the bank’s central database and the note can be recycled for future transactions. If for some reason, the Currency note did not match ( the only criteria for approval), the note is ejected and returned back to the customer. Fake notes can be confiscated. Once approved, account will be updated with the money deposited within 5 minutes. Approval through sms will be sent to the account holder’s Cell Phone. This whole process will take maximum 10 seconds per transaction. There is no necessary for different banks to hold a common centralized database. Each can have it’s own separate Central Database. Because, even if same note is scanned in different banks, it has to be deposited in a bank to make the transaction complete. Once a Customer, scans a Currency Note in their mobile App, they will be allowed to hold on to the note for a maximum of 5 days. After that, the App will delete the hold and he has to scan again, with the Currency note (Same note, earlier used or a New note. It makes no difference). If a note is
scanned in a particular bank’s mobile App in an particular account, the same note will not be allowed to be scanned in a different account in the same bank. For recycle, either the time period of 5 days is exhausted for the first scan or the Currency Note is deposited and approved by the Currency Collector Machine.
First, the customer has to install Mobile Banking App in cell phone. The Mobile Banking App will have all the details of the customer’s account. In that App, a new option for scanning currency notes has to be provided. The App scans the currency note, the customer wants to deposit. App will take a picture of the currency note and reads the currency note number. It verifies the note number by asking confirmation from the customer. Currency Notes picture and number will be sent to Bank’s Central database. After this, the customer should go to the bank and simply deposit the currency note in a specially designed Currency Collector Machine. This Machine will receive currency note numbers from central database, updated every 5 minutes. When a customer feeds the Currency Note he has scanned in Mobile Banking, Currency Collector Machine simply scans the note and checks whether the note is not fake, not damaged. Then, checks if a match is found in the database, displays the name of the Account Holder in the display attached with the device. If Name is correct, the customer presses ok button. Then, the Transaction is approved and a confirmation slip with account number and a transaction number is ejected. The customer takes the slip and leaves. Once the transaction is approved, the Currency Note Number will be deleted from the bank’s central database and the note can be recycled for future transactions. If for some reason, the Currency note did not match ( the only criteria for approval), the note is ejected and returned back to the customer. Fake notes can be confiscated. Once approved, account will be updated with the money deposited within 5 minutes. Approval through sms will be sent to the account holder’s Cell Phone. This whole process will take maximum 10 seconds per transaction. There is no necessary for different banks to hold a common centralized database. Each can have it’s own separate Central Database. Because, even if same note is scanned in different banks, it has to be deposited in a bank to make the transaction complete. Once a Customer, scans a Currency Note in their mobile App, they will be allowed to hold on to the note for a maximum of 5 days. After that, the App will delete the hold and he has to scan again, with the Currency note (Same note, earlier used or a New note. It makes no difference). If a note is
scanned in a particular bank’s mobile App in an particular account, the same note will not be allowed to be scanned in a different account in the same bank. For recycle, either the time period of 5 days is exhausted for the first scan or the Currency Note is deposited and approved by the Currency Collector Machine.
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