NEW DELHI, INDIA: CMS Info Systems, India's leading Cash Management Services company, has won a contract from State Bank of India (SBI) to deploy more than 7,850 Automated Teller Machines (ATMs) across the country.
This is the single largest deployment contract awarded by any bank in the country, valued at over Rs. 4.5 Bn, and will include Total Implementation Services, ATM installation, maintenance and support for a seven-year period.
CMS Info Systems will be installing ATM's manufactured by Nautilus Hyosung of Korea. Hyosung is a leading provider of banking automation and self service solutions worldwide.
Rajiv Kaul, executive VC and CEO of CMS Info Systems said: "We are honoured to be to be awarded this project by SBI. In executing what is possibly the single largest ATM deployment in the world, we shall leverage our deeply entrenched cash management network over 2500+ towns and experience in project management, to significantly improve access, uptime, and quality of service for the bank's customers."
These ATM's will be deployed across all regions in India with a significant focus on semi urban and rural areas. This is expected to provide the necessary infrastructure for multiple financial inclusion initiatives, including the Direct Beneficiary Transfer Scheme.
The Indian ATM market has witnessed significant growth in the past four years, however with 130,000 ATMs operational, India still has a low penetration of 110 ATMs per million population compared to 900 for other emerging markets. In the past 18 months, there have been several initiatives led by RBI and the Ministry of Finance to increase ATM proliferation.