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Moneylife » Companies & Sectors » Company News & Trends » SBI Group controls about 59% ATMs in India

SBI Group controls about 59% ATMs in India

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MDT/PTI | 15/11/2012 11:29 AM | 

SBI and its five units have installed 61,500 ATMs, while private sector and foreign banks put together have about 41,800 ATMs and co-operative banks and regional rural banks have 1,150 machines, out of over one lakh ATMs in the country 

 
Mumbai: The National Payments Corporation of India (NPCI) has said the banking system has reached a landmark of one lakh automated teller machines (ATMs) at the end of October, reports PTI.
 
The State Bank of India (SBI) Group, comprising country's largest lender SBI and its five subsidiaries, has a network of 61,500 cash vending machines which help it account for a majority 59% share in the ATMs.
 
NPCI, which has been promoted as an umbrella organisation for retail payments by the Reserve Bank of India (RBI) and banks, said as of October-end the total number of ATMs stood at 1,04,500.
 
The organisation operates the National Financial Switch used for inter-connectivity between banks for ATMs. Also, banks individually report their ATMs in the network section in their quarterly reports.
 
Banks started installing ATMs in the late 1990s and have over time replaced the tedious efforts taken to withdraw cash at a branch, which would have to be done only in the business hours.
 
Many banks have extended the ATM to do other transactions like fund transfer, donations to charities, cheque and cash deposits etc.
 
According to the NPCI, private sector and foreign banks put together have about 41,800 ATMs accounting for 40% of the network, while co-operative banks and regional rural banks have 1,150 machines, representing 1% of the system.
 
Nearly 200 million transactions are processed every month through the NFS, the NPCI statement said, adding 75% of this are simple cash withdrawal transactions.
 
The average ticket size of withdrawals stands at Rs3,300, it added. The balance 25% transactions, NPCI said, are non-financial transactions.
 
All the banks put together have plans to install additionally about one lakh ATMs over a period of next two years, the NPCI said, noting that this will take up the average to 170 ATMs per million population from the current 85.
 

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