The Central Bank of India has introduced a first-of-its-kind AI-powered Gold Loan ATM in Warangal. This advanced machine simplifies the process of getting a gold loan, making it faster, more accurate, and hassle-free. The ATM allows customers to deposit their gold jewelry and receive a loan within just 10 to 12 minutes.
How Does the AI-Powered Gold Loan ATM Work?
The Gold Loan ATM operates using Artificial Intelligence (AI) technology, which ensures quick processing, accurate valuation, and secure transactions. Here’s a step-by-step breakdown of how it works:
Step 1: Placing the Gold in the ATM
- The customer brings their gold jewelry to the ATM.
- They place the jewelry inside a designated box in the machine.
Step 2: Gold Assessment Using AI
- Once the jewelry is inside, the AI-powered machine scans and analyzes it.
- It checks the weight, purity, and quality of the gold.
- The machine ensures fair valuation based on real-time market prices.
Step 3: Customer Identity Verification
- To proceed, the customer must verify their identity using:
- Aadhaar Card (linked to their mobile number).
- Mobile Number OTP (One-Time Password) for authentication.
Step 4: Loan Approval and Disbursement
- Once the gold is assessed, the ATM calculates the loan amount the customer is eligible for.
- The loan is instantly approved, and the amount is determined based on the gold’s value.
Step 5: Receiving the Loan Amount
- 10% of the loan amount is dispensed as cash directly from the ATM.
- The remaining amount is transferred to the customer’s bank account linked with the Central Bank of India.
Who Can Use This ATM?
- Only customers who have a bank account with the Central Bank of India can use this service.
- The service is meant for people who need quick access to cash using their gold as collateral.
Benefits of the AI-Powered Gold Loan ATM
✅ Faster Process – The entire process takes just 10-12 minutes, compared to traditional gold loans that may take hours or even days.
✅ Accurate & Fair Valuation – AI ensures precise assessment based on the latest gold market prices.
✅ Less Manual Work – Bank staff do not need to manually check gold quality or process paperwork, making it more efficient.
✅ Convenient & Transparent – Customers receive an instant loan with clear pricing, without the need for long bank visits.
Future Expansion Plans
If this ATM proves successful in Warangal, the Central Bank of India plans to expand the service to more cities across India. This initiative is expected to make gold loans more accessible, faster, and hassle-free for customers nationwide.
Launch Event
The Managing Director & CEO of Central Bank of India, M V Rao, inaugurated the Gold Loan ATM in Warangal. Other bank officials, including Vivek Kumar, Dhara Singh, Krishna Mohan, and Gopinayak, were also present at the event. They expressed confidence that this innovative technology will enhance banking services and improve customer experience.
Conclusion
The AI-powered Gold Loan ATM is a revolutionary step in banking, making gold loans quicker, more efficient, and fully automated. By reducing manual intervention and minimizing errors, this technology is set to transform how customers access loans using their gold assets. If successful, this service may soon be available in many more locations across India.
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