MUMBAI, India, March 13 -- Intellectual Property India has published a patent application (202621010370 A) filed by Marwadi University, Rajkot, Gujarat, on Jan. 31, for 'device for currency verification, sorting, exchange and secure storage in a banking environment.'
Inventor(s) include Prof. Urvi Dhamecha; Pujan Bhanderi; Vala Harshavardhan; and Tarpara Jaimin.
The application for the patent was published on March 13, under issue no. 11/2026.
According to the abstract released by the Intellectual Property India: "A device for currency verification, sorting, exchange, and secure storage in a banking environment, comprises of a housing 101 having a plurality of storage chambers 102 to store currency notes of different denominations and conditions, an input means to receive user input regarding specifications, an artificial intelligence based camera 106 to detect user presence and monitor repeated fraudulent interactions, an examining unit to receive and inspect submitted currency notes via a gripper 108, a transferring unit to selectively transfer currency notes between the examining unit and the storage chambers 102, a sensor suite to authenticate currency, detect counterfeit notes, a dispensing unit to dispense fresh currency notes to a user upon successful verification and a cleaning and disinfection module to sanitize currency notes prior to storage or dispensing."
Disclaimer: Curated by HT Syndication.
