Bangalore, Oct 18 (IANS) 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.