UCO Bank plans to undergo a major ATM-expansion drive this year, according to a spokesperson for the government-owned, Mumbai-based financial institution.
The bank plans to deploy 100 ATMs in rural and urban locations across India over the next 12 months as part of an effort to increase the number of “mobile” branches, the spokesperson says. Mobile branches generally include an ATM and a counter where consumers can conduct financial transactions. The bank already deploys 250 ATMs and operates 2,5000 branches.
The ATM-network expansion will take place in three phases, the spokesperson says. “The first phase will see 25 of [the ATMs] set up by March, then 25 by June and finally 50 by December,” the spokesperson says. The spokesperson gave no details about the ATM vendor.
