Aplab receives order for Cheque Depository Kiosk - ChequeServe, from Thane Janata Sahakari Bank

Aplab Limited, a leading Indian kiosk vendor has received an order for TJSB’s new branch at New Panvel located at Riddhi Siddhi Residency, Plot No.53 & 53A, Shop No.2 & 3, Sector-3, New Panvel (East)-421 206.

This will be the 20th Cheque Depository Kiosk deployed at TJSB’s retail banking branches.

The kiosks allow TJSB to accept customer cheque deposits and provide an immediate receipt with a scanned image of the cheque. The scanned image along with the associated customer data is made available by the kiosk for further online processing. The kiosk is extremely intuitive and easy to use and does not require the possession of an ATM card. This feature was especially useful for TJSB's CASA account holders.

TJSB has seen a marked rise in customer satisfaction rates and a 53% drop in customer wait times at some branches after deploying these kiosks. CASA accounts and deposits have also increased with the introduction of this facility.

“We have far exceeded the initial projected ROI. Working hand-in-hand with Aplab allowed us to quickly deploy this solution and I’m extremely pleased with the results. To our delight, providing the image on the receipt added to customer’s sense of security and customers often use the kiosk over a teller assisted deposit.” said Mr. Subodh Nagwekar, CIO at TJSB.

Mr. Nagwekar further added, “Automation is the key to our strategy for enhancing customer service and these kiosks will continue play a crucial role in this. We are the first co-operative bank to install these kiosks and at some branches, we now accept cheque deposits 24 hours a day, 365 days a year.”

TJSB is deploying these kiosks at most of their new branches and has also set up backend processes for image based cheque processing directly using the data generated from these kiosks.

Aplab (APLAB.BO), incorporated in 1962, a public limited enterprise quoted on the BSE, is recognized as a technology driven professional company in market sectors like Telecommunication, ITES, Retail Banking and Financial Services, Retail Fuel Distribution and Power Control & Conditioning. Since its inception, APLAB has been serving global markets with wide range of electronic products meeting international standards for safety and reliability such as UL, VDE, etc. The company has four independent product divisions: test and measurement instrumentation, power conversion and UPS systems and the electronic transactions and automation division. Aplab provides software and software services to its customers via its subsidiary - Sprylogic. Aplab enjoys a worldwide recognition for the quality of its solutions, business integrity and innovative engineering skills. Aplab's kiosk division makes cheque depository machines, document acceptance systems, bill payment terminals, queue management solutions and several other automation products to suit the needs of the retail banking, mutual funds and financial services companies.

The Thane Janata Sahakari Bank established in 1972 is the Multi State Scheduled Co-operative Bank having presence in Thane, Mumbai, Navi Mumbai, Pune and Nashik Region with a network of 41 Branches and 2 Ext. Counters. TJSB have all Branches on Core Banking Solution and has centralized ATM Switch with 42 onsite ATM's. TJSB have Customer Base in excess of 10,00,000 and have 1,10,000 plus ATM card base. TJSB is the member of RTGS/SFMS. The Bank handles a volume of Business Mix of well over 3,850 Crores with CRAR of 14.74%, Gross Profit of Rs.65.47 Crores and Net Profit of Rs.24.35 Crores with zero net NPA as on 31st March 2009. TJSB has been awarded 1st Prize for the Best Co-Operative Bank in Maharashtra by "Maharashtra State Urban Bank's Federation Ltd." for the F.Y.2004-2005 also consecutively for the second time for the Year 2005-2006. For the F.Y.2007-2009, Bank has also received Late. Padmabhushan Vasantdada Patil, “Best Urban Co-operative Bank” award from Maharashtra Rajya Sahakari Banks Association Ltd. TJSB has also been awarded with Sp. Jury Award in Banking Technology Awards 2007 by Indian Banks Association.

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(This is a press release of Aplab Ltd)