Godrej to install automated anytime safe deposit vault

Tuesday, Feb 03 2015 03:43 PM

AHMEDABAD, JAN 22: In what will make anytime access to the safe deposit vaults possible, Godrej Security Solutions Ltd will soon install its first Autovault in the country. The company has tied-up with ITOKI Japan to design the Autovaults for banks in India.

"The Autovaults will remove the limitations to access like bank timing, holidays, festive season rush among others.

This will use a fully automated safe box delivery and storage system with minimal human interaction," said Mehernosh Pithawalla, associate vice president & head - marketing Godrej Security Solutions. "We are in talks with about 10-15 banks in India and we expect to install country's first autovault with one of these banks in the next one or two months," said Pithawalla during a media interaction here on Thursday. Pithawalla did not share the names of the banks.

The Autovault will have operation booth, controller desk and locker cabinet. "This will be a high-end experimental product designed for ultra-high networth individuals or HNI clients of the banks. The cost of an autovault with 750 safe boxes would be around Rs. 3.5 crore," told Pithawalla.

The fully automated vaults will have fast retrieval to ease congestion at banks during festive season. The security of the individual locker will be three-layered with access card or biometric, PIN Code and then the safe deposit box will cask for a key provided to open the box.

Godrej Security Solutions gets about Rs. 560 crore worth of business from banks, while about Rs. 150 crore worth of business comes from private vaults. "The base of banking segment is big but the growth is faster in private vaults. In Gujarat especially we have seen builder groups offering private vault facilities along with flat schemes," added Pithawalla. The company has provided private vaults to builders in Ahmedabad and Surat cities.

 Jan 22, 2015

http://www.thehindubusinessline.com/industry-and-economy/banking/godrej-to-install-automated-anytime-safe-deposit-vault/article6811846.ece