TCPSL plans to set up over 1,000 white label 'Indicash' ATMs across Karnataka by 2016 and plans to roll out over 15,000 Indicash ATMs across India over the next three years covering tier 1 to 6 cities
BANGALORE, INDIA: Tata Communications Payment Solutions Limited (TCPSL) today inaugurated its Indicash ATM center in Bangalore, marking its foray into the Karnataka state.
This is in keeping with the Reserve Bank of India (RBI) vision to accelerate growth and improve ATM penetration in India, said TCPSL.
Having won the 'B' scheme license from the RBI to set up white label ATMs, TCPSL kick started the process by launching Indicash in Chandrapada village at Thane District in Maharashtra on 27th June 2013, which is a tier 5 village.
Under the scheme 'B', RBI mandates that for every 1 ATM in tier 1 and 2 cities, 2 ATMs ought to be deployed in tier 3 and 4 cities.
At present, the company has set up 15 Indicash ATM centers in Bangalore and plans to have over 90 Indicash centers in coming days.
Sanjeev Patel, CEO, TCPSL, said: "Karnataka is a key market for us as it offers a plethora of options to drive ATM reach in IT, industrial, educational, commercial and tourist zones."
"Our endeavour is to be conveniently located to consumers and to provide a user-friendly interface that truly simplifies the banking experience for the end user," added Patel.
According to Patel, TCPSL has track record in deploying and managing a contracted 27,000 ATMs for banks in India as of date. And the company has plans to rollout 50,000 ATMs by 2016.
"Internationally, growth in ATM market has been fueled by the white labeled ATM networks, where it holds 46 per cent market share in the US and 70 per cent in Canada," added Patel.
TCPSL will engage federal bank as 'sponsor' bank to ensure cash supply and have smooth back end operations.