CMS Info Systems, a provider of cash management services, announced the State Bank of India (SBI) has selected the company to deploy more than 7,850 Automated Teller Machines (ATMs) across the country.
The 7-year contract, valued over Rs. 4.5 billion, is the single largest deployment contract awarded by any bank in the country. Earlier this year, SBI awarded a similar contract to NCR to deploy 600 NCR SelfServ 32 Intelligent Cash Deposit ATMs across India.
CMS will provide a variety of services including Total Implementation Services, ATM installation, maintenance and support. The company will install ATM’s manufactured by Nautilus Hyosung of Korea.
ATMs have revolutionized banking in India. Over the past four years, Indian ATM market has witnessed significant growth. With 130,000 ATMs operational, however, India still has a low penetration of 110 ATMs per million population compared to 900 for other emerging markets.
Recently RBI, in association with the Ministry of Finance, has taken up several initiatives to improve the ATM penetration in India.
CMS will deploy ATMs across all regions in India with 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.
Rajiv Kaul, executive VC and CEO of CMS Info Systems said, “We are honored 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.”