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Instant Banking with Currency Notes



I would like to propose a new method of depositing money in banks, simply using currency notes, with the help of a Mobile Banking App. This is a new system never before used in any bank. It will help customers to deposit amounts from Rs. 100 to Rs.10,000 per day. The system works with the help of Currency Notes Numbers. A customer can deposit up to 5 Currency Notes per day.

Deposit with Currency Notes

First, the Customer needs a Mobile Banking App on his Mobile phone. All the details of the Customer’s Bank Account will be in the App. The Customer needs to use the App to take pictures of the Currency Notes, She wants to deposit. The App scans the Currency Note Number and asks for confirmation from the Customer. After confirmation, the details of the Currency Note, along with the Customer’s details will be sent to the Bank's Central Database. After this, the Customer should go to the bank and simply deposit the Currency Note(s) in a specially designed Currency Collector Machine. When the Customer feeds the Currency Note(s), She has scanned through the Mobile Banking App, The Currency Collector Machine simply scans the Currency Note(s) and checks whether the Note(s) are fake or not and also checks whether they are damaged or not. If a match is found for the Currency Note(s), which are fed into the Currency Collector Machine, in the Bank’s Central Database, the Machine will display the Name of the Account Holder and her Account Number. If they are correct, the Customer presses the OK button to deposit. Then, the money gets deposited and the Customer gets a slip that contains the transaction details like the Customer's Name, Her Account Number, Deposited Amount, and Transaction ID.

Currency Verification

 Once the transaction is approved, the Currency Note Number(s) will be deleted from the Bank’s Central Database and the Currency Note(s) can be recycled for future transactions. If for some reason, the Currency Note(s) did not match with the Bank’s Central Database, the Note(s) are ejected and returned back to the Customer, with the details of the Mismatch in the Currency Note(s). She can delete or change a few of the allowed 5 Currency Notes from the Mobile Banking App, which caused the error and retry. Fake notes can be confiscated or returned to the Customer with full cross marks across the Note(s) or as per the Reserve Bank’s Guidelines. Approval of the deposit will be sent to the Customer’s Cell Phone through SMS. This whole process will take a maximum of 10 seconds per transaction, which is the main advantage of this System. Ease of use can be considered as another advantage.

Currency Database

There is no need for different Banks to hold a Common Central Database. Each can have its own separate Central Database. Because, even if the same Currency Note is scanned through Mobile Banking Apps of two or more different Banks, it has to be deposited in a particular Bank’s Currency Collector Machine to make the transaction complete.

Same Currency Notes

 Once the Customer Note is deposited in a particular Bank and even if a new customer gets the same Currency Note, she will scan it in her own Bank’s Mobile Banking App before depositing. During the scan, she will come to know that the Currency Note is already scanned by another Customer of her own Bank. If a Currency Note is scanned in a particular Bank’s Mobile Banking App in a particular Account, the same Currency Note will not be allowed to be scanned in a different Account in the same Bank, until the Currency Note is recycled. Before a Currency Note is recycled, a time period of 5 days will be given. 

Time Period to Deposit

The time period of 5 days is for the Customer to deposit the Currency Note(s) in their Bank’s Currency Collector Machine, after scanning the Currency Note(s) in their Bank’s Mobile Banking App. After that, the App will delete the hold and the Customer has to scan the Currency Note(s) again. ( Same not earlier used or a New note. It makes no difference).

Depositing in Another Person’s Account

If a Customer wants to deposit money in another person’s Bank Account, She can first deposit money in her Account and transfer it to another person’s Account through Mobile Banking. We can bring reforms in Mobile Banking App like keeping pictures and bank Logos of the other person to easily identify their Account, to make transactions simple.

Deal

Intellectual Property Rights : Only Microsoft can write code for all my ideas. Anyone can implement my ideas giving shares in the ratio 90:10, including Microsoft ,90% profits for me. It is called MIT License.

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Location: Chennai, Tamil Nadu, India

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