India’s cash management services company CMS Info Systems has won a contract from State Bank of India (SBI) to deploy more than 7,850 automated teller machines (ATMs) across the country.
The contract represents the single largest deployment contract awarded by any bank in the country, valued at over 4.5 billion rupees (INR), and will include total implementation services, ATM installation, maintenance and support for a seven year period.
CMS Info Systems will be installing ATMs manufactured by Nautilus Hyosung of Korea, a leading provider of banking automation and self service solutions worldwide.
“We are honoured to be to be awarded this project by SBI,” said Rajiv Kaul, executive vice chairman and chief executive officer (CEO) of CMS Info Systems.
“In executing what is possibly the single largest ATM deployment in the world, we shall leverage our deeply entrenched cash management network over more than 2500 towns and experience in project management, to significantly improve access, uptime, and quality of service for the bank’s customers.”
The ATM network will be deployed across all regions in India with a significant focus on semi urban and rural areas. This is expected to provide the necessary infrastructure for multiple financial inclusion initiatives, including the direct beneficiary transfer scheme.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Due to the low interest rate environment and Basel III regulation many corporate treasurers, who may have in the past been very reliant on the banking sector to provide them with cash management solutions, have been forced to explore alternative options as banks have been refusing short dated cash deposits.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.