CMS to install 7,850 ATMs for SBI

Bangalore, Oct 18 : Leading cash management services firm CMS Info Systems will set up 7,850 ATMs for State Bank of India (SBI) across the country at a cost of Rs.450 crore (Rs.4.5 billion), the company said Friday.

"We have won the single largest ATM deployment contract awarded by any bank in the country that will include implementation services, maintenance and support for seven years," the Mumbai-based firm said in a statement here.

The company will install ATMs made by Nautilus Hyosung of South Korea, which is a leading provider of banking automation and self-service solutions worldwide.

"In executing what is possibly the single largest ATM deployment in the world, we will leverage our cash management network of 2,500 cities/towns and experience in project management to improve access, uptime, and quality of service for the bank's customers," CMS chief executive Rajiv Kaul said in the statement.

The ATMs will be deployed across all regions with focus on semi-urban and rural areas.

"Our ATM network will provide infrastructure for multiple financial inclusion initiatives such as the Direct Beneficiary Transfer scheme," Kaul said.

Though the ATM market has witnessed a significant growth in the past four years, with 130,000 machines in operation, India still has a low penetration of 110 ATMs per million population compared to 900 for other emerging markets.

Kaul noted that in the past 18 months, there have been several initiatives by the Reserve Bank of India (RBI) and the union finance ministry to increase ATMs.

With a network of 200 branches across 2,500 cities and towns across all states, the company works with all leading banks, top retail chains, insurance majors, independent ATM deployers and managed services providers to offer a range of cash management services.

CMS was formed in 2009 with an investment by The Blackstone Group in the key businesses of CMS Computers.

The company has multiple business lines spanning from cash management to managed IT services, card personalisation to print and digital solutions.

--IANS (Posted on 18-10-2013)

business-india-news headlines

Reliance rubber unit sets up customer support in Vadodara

India's GDP quadrupled in 10 years under UPA: Anand Sharma

Pay outstanding salaries to pilots: High Court to Kingfisher

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014


Your e-mail:

Your Full Name:

Type verification image:
verification image, type it in the box


Back to Top