Tata Communications Payment Solutions Ltd. (TCPSL), a wholly-owned subsidiary of Tata Communications, will mark a pan-India footprint with 5000 ATMs by June 2014, according to Sanjeev Patel, Chief Executive Officer.
He said that TCPSL was one of the 12 companies which got the Reserve Bank of India licence for launching ATM service by NBFCs. Classified as white-label ATM, the service aims at improving ATM penetration in India, particularly the rural areas and the Tier-II to Tier-VI cities. Mr. Patel said that TCPSL, which had a track record of managing ATM services for banks, would open 15,000 ATMs by 2016. To a question, he said that at present the company had a tie up with Federal Bank for providing the banking link-up. It was talking to two large public sector banks for further broadening its base, he added. “We are in talks with six banks, including two large PSBs,” he said.
Launching its services in 150 ATMs in West Bengal, he said that the company currently had a network of 350 ATMs in eight states. “Our aim is to take the service to areas which have little banking infrastructure even as we make ATM services user-friendly, reliable and stress-free.’’ Pointing out that the company was a deployer of ATM for 37 partner banks, Mr. Patel said that of the 1.33 ATMs in India now, his company had a contract for managing 27,000 ATMs. “We also manage 55 per cent of the point-of -sale traffic in India,” he said. For its white-label ATMs, it gets Rs.15 per withdrawal, and Rs.5 for balance enquiry. Revenue is linked with the rentals of the ATM.
Brand named Indicash, the ATMs accept domestic debit cards with five free transactions per month as per RBI regulations.
* Correction
The above article quoted Sanjeev Patel, Chief Executive Officer, Tata Communications Payment Solutions Ltd. as saying that of the 1.33 ATMs in India now, his company had a contract for managing 27,000 ATMs. The figure should have been 1.33 lakh. It has been corrected
