After having launched its first ATM a year ago, Tata Communications Payment Solutions Limited (TCPSL), on Monday, said it plans to roll out 15,000 ATMs across India by June 2016. The Tata Group company, which is the first non-banking firm to launch its ATM network or white label ATMs, has so far set up 1,000 ‘Indicash’ ATMs across India.
Over the last nine months, Indicash ATM network has spread across 650 towns and villages in key states across the country, said TCPSL CEO Sanjeev Patel. “Indicash has pioneered a new industry model with its focussed execution and nationwide outreach. We are committed to working with the Reserve Bank of India (RBI) in its drive to enhance inclusive financial services in India. Over 30 per cent of our ATMs are in villages with less than 10,000 population, exceeding the RBI target mandate by 200 per cent,” he added.
India is an under-penetrated ATM market with just 125 ATMs per million of population (compared to 1,390 in the U.S., 530 in the U.K., and 211 in China).
Mr. Patel also said the northern region formed an integral part of the company’s roll out plan of 15,000 ATMs over the next three years.
Over 4,000 ATMs would be deployed in North Indian states such as Delhi, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Jammu and Kashmir, and Rajasthan. The TCPSL ATMs are equipped with various innovative features, and they accept all domestic debit cards, where the first five transactions per month are free.
