Hyderabad: The Central Bank of India has launched an innovative AI-powered Gold Loan ATM in Warangal, marking the first such initiative in the country.
This cutting-edge machine was inaugurated at the bank’s Warangal branch by Managing Director and CEO, M V Rao, on Friday.
The AI-powered Gold Loan ATM offers several key features that make it a game-changer in the financial sector. It can complete the gold loan process in just 10 to 12 minutes using Aadhaar and mobile number verification.
How the machine works
The machine uses AI technology to assess the quality and weight of gold jewelry placed in a box within it. Payments are made based on the current market price, ensuring transparency and fairness.
Additionally, 10% of the payment is disbursed through the ATM, while the remaining amount is credited to the customer’s account. However, users must be account holders with the Central Bank of India to utilize this service.
The introduction of this AI-powered ATM is expected to save time for both bank staff and customers. It streamlines the gold loan process, reducing the need for manual intervention and minimizing the risk of errors.
If successful, the bank plans to expand this service to other regions across the country, further enhancing its reach and customer satisfaction.
The event was attended by bank officials including Vivek Kumar, Dhara Singh, Krishna Mohan, and Gopinayak, who expressed enthusiasm about the potential of this technology to transform banking services.
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