By Martin Luther Okech
Bank of Baroda has said it will replace most of its ATMs with cash recyclers.
This move seeks to help banks move towards digitizing their operations at a time when technology is impacting the global financial system.
Mainly cash recycling machines that take cash deposits have become the face of banking over the past two years, with some banks such as Stanbic and Absa operating in a few different banking centers.
With the automation of services more than ever, the digital economy is having cross-cutting changes in the greater global economy.
Financial technology experts have argued that smart use of technology is now an integral part of business success.
In a commentary published last week with Baroda’s results for the year ended December 31, 2019, Mr Ashwini Kumar, Managing Director of the Bank, said that the leverage on the technology was to change the bank’s ATM operation.
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“We aim to expand our footprint in emerging markets within the country. In order to leverage on technology, the bank will replace ATMs with cash recyclers in different parts of the country, providing 24/7 cash deposit facilities, ”he said.
However, the bank saw a decline in profits from Shs73.420b to Shs45.312b in 2018, indicating a decline of 38.28 per cent.
Total deposit increased by Shs136.4b, representing a growth of 10.48% over the previous year, and the net of impairments during the period under review was Shs47.08b. Total assets During this period, Baroda’s total business, including deposits and advances, increased by Shs184.72b, representing a growth of 8.94% over the previous year, and total assets increased from Shs1.713 trillion in 2019 to Shs1.775 trillion in 2019. Same period in 2018.Bank of Baroda is a listed company. The bank’s board has decided to recommend a dividend payment of Shs25b for the year ended December 2019.However, the Central Bank has recently, in a circular, suspended all bonus and dividend payments, suggesting that it may have to delay payment of dividends to Baroda shareholders.moketch@ug.nationmedia.com. (Tagto Translate) Baroda (T) ATM (T) Cash (T) Recycle (T) Replace Machines
