KARACHI: The State Bank of Pakistan (SBP) has directed banks to ensure that at least 25% of their branches are equipped with Cash Deposit Machines (CDMs) by 2028.
The step aims to promote self-service banking and speed up the digitization of financial services in the country.
According to the SBP, banks and microfinance banks (MFBs) must give priority to setting up CDMs at branches with heavy customer traffic and in areas where there is high demand for cash services. Banks are required to submit their CDM implementation plans to the central bank by November 30, 2025.
Banks can install machines already approved by the SBP or bring in new models.
However, any new machine not on the approved list must be tested and cleared by the SBP Banking Services Corporation (BSC) Office in Karachi, under the central bank’s Currency Management Strategy.
The SBP has made it mandatory for banks to instantly credit the beneficiary’s account when a deposit is made through a CDM.
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Deposits by non-account holders will require biometric verification, and banks must keep proper records of these transactions. For account holders, either biometric verification or debit/credit cards can be used.
Banks must resolve customer complaints related to CDM transactions within three working days. Any charges for using CDMs should be clearly displayed on the machine before a transaction starts.
To ensure security, the SBP has also ordered banks to install CCTV cameras covering CDM areas, with footage stored for at least 60 days or until any dispute is resolved. Banks are also required to ensure proper lighting, customer safety, privacy, and other necessary facilities at CDM booths.
