State Bank of India Ltd. has signed an agreement with Diebold Inc. that will expand the bank’s ATM network in the country, the companies announced May 16.
Under the agreement, Diebold will provide the bank with 1,700 ATMs, including 1,000 cash dispensers, more than 600 full-function lobby machines and approximately 60 cash recyclers.
The bank plans to deploy most of the ATMs in suburban areas; it will place the rest in equal numbers in Tier II towns and in rural locations in northeastern India, an official for the Mumbai-based bank tells PaymentsSource. It intends to complete the deployments by the end of March 2012, he says.
“The intention is to increase financial access outside the metro areas as well,” says the official, who works for the institution’s alternate channels department.
The North Canton, Ohio-based ATM maker is providing the bank with its D450 and D422 CD model machines, which consume 50% less power than regular ATMs, according to a press release.
The full-function ATMs and cash dispensers will come with voice-guidance support and Braille keypads for the visually challenged, and the cash recycler immediately validates currency during the deposit, according to the release.
Financial terms were not disclosed.
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