Connect with Us
Moneylife - Facebook Moneylife - Twitter Moneylife - Linkedin Moneylife - Youtube Moneylife Rss feed
close

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

SBI Group controls about 59% ATMs in India

    • 0 Comments, Be the first to comment
  • + COMMENT

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.
 

Post Comment

More in Moneylife

PSU, public sector undertakings, public sector units, Modi government, disinvestment, stock market, valuation.

Market to Modi Govt: Be happy with low PSU valuation +1671 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

CSR Reporting, legal and fiscal due diligence by NGOs

LATEST COMMENT

Exceptions to the Rule of Law and inequality under law are enshrined in the India Constitution. This is why India.. SuchindranathAiyerS

MORE

Jignesh Shah steps down as chief of Financial Technologies Moneylife Digital Team

Kotak Mahindra Bank acquires ING Vysya Bank Moneylife Digital Team

Be the first to comment
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Should BCCI keep N Srinivasan out due to conflict of interest?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Will Shiv Sena join hands with BJP govt in Maharashtra?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen