ICICI Bank launches India’s first robotic locker facility

New Delhi: ICICI Bank Ltd on Tuesday launched India’s first automated locker for customers in New Delhi.

The 24×7 vault facility will work on robotic technology without the need of human assistance, unlike traditional vaults.

Bank customers can use their biometric identification, debit card and personal identification number to access the vault. They will have to enter the details again at the kiosk inside the vault to access the locker. Once the details are entered, the robotic arm of the locker will automatically fetch the customer’s locker from the vault and place it in front of the customer.

While inaugurating the first such facility in its Defence Colony wealth management branch, chief executive officer and managing director Chanda Kochhar said, “Customers are looking for convenience and safety, and are ready to accept technological solutions. I am sure that customers will like this facility. For me it was the first time I used the facility today and the experience was great.”

She added that 80% of the components used in the facility are manufactured in India which is line with Prime Minister Narendra Modi’s Make in India initiative.

The robotic technology has been developed by Pune-based Precision Automation and Robotics, a company which ICICI Bank seed-funded in 1990. The bank claims that since the facility has been developed indigenously mostly, the cost is much less compared to what it would have cost otherwise.

The bank intends to expand the facility but given the infrastructure and logistical requirements, it did not clarify its expansion plans for Smart Vault.

The bank did not disclose the cost of the service but said it will be expensive than the traditional manual locker facility at other branches. It will also depend on the size of the locker being used, it said.

The bank is hopeful that the lounge experience inside the vault will attract customers.

There are around 500 lockers available in the vault inaugurated on Tuesday and customers can avail multiple lockers.

ICICI Bank