CURRENT AFFAIRS

Detailed explanation-1: -India-based ICICI Bank has launched robotic arms to sort bank notes at its currency chests. The first commercial bank in the country to make this move, the technology will be deployed across 12 cities.

Detailed explanation-2: -City Union Bank launches country’s first banking robot.

Detailed explanation-3: -Detailed Solution. The correct answer is ICICI Bank. ICICI Bank was one of the first in the country and among a few, globally, to deploy ‘Software Robotics’ that emulates human actions to automate and perform repetitive, high volume and time-consuming business tasks cutting across multiple applications.

Detailed explanation-4: -At ICICI Bank, each industrial robotic arm feeds unprocessed cash in three high-end note-sorting machines simultaneously, picks up processed cash from the output stackers, aligns the loose notes, binds the packets and finally drops them in the respective trays as per quality of the note.

Detailed explanation-5: -In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.