MSRTC ties up with Indicash™ ATM network to serve over 1 million commuters.


07th December, 2015

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Tata Communications Payment Solutions Limited (TCPSL), the company that operates the largest white label ATM network in the country, Indicash™, today announces the inauguration of Indicash™ ATMs at Maharashtra State Road Transport Corporation’s (MSRTC) bus depots. As a first step towards this significant initiative to extend ATM convenience across MSRTC bus stands in Maharashtra, two pilot sites were installed at the Mumbai division’s Kurla Nehru Nagar and Panvel bus depots. These ATMs will extend cash and non-cash services and convenience to over a million commuters and passerbys at both bus depots. The Indicash™ ATMs were jointly inaugurated by Mr. Ajay Sagar, Head of ATM deployment,TCPSL, Mr. Anurag Nigam, Chief of Operations, TCPSL and Mr. Sanjay Supekar, Divisional Controller, Mumbai Division, Mr. Sunil Pawar, Depot Manager, Kurla, and Mr. R G Pardeshi, Depot Manager, Panvel from MSRTC.

 

Indicash™ has built a robust network of over 6,500 ATMs across 22 states and 3,500 towns in over two years; an accomplishment with parallels in the FMCG sector, in terms of speed and efficacy. With a strong network footprint of over 750 ATMs in Maharashtra, the state plays a vital role in the company’s rollout plan. Indicash™ is currently serving millions of users across 27 districts of Maharshtra spanning semi urban and rural geographies with over 175 Indicash™ ATMs in Mumbai and Thane alone. This inauguration is yet another step in realising Indicash™ ATM networks’ vision to drive financial inclusion across the country.

 

Mr. Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says “Indicash™ ATM network’s mission is to augment customer convenience by providing ATM accessibility in hitherto untapped remote geographies across India. As we move towards achieving our goal, this partnership with MSRTC will nurture our common cause of providing, ‘convenience and comfort’ to consumers, especially those residing in remote areas. We look forward to a continued association with MSRTC and are working towards extending Indicash™ ATM’s convenience to all key MSRTC divisions in Maharashtra.”

 

Mr Sanjay Supekar, Divisional Controller, Mumbai Division, MSRTC says, “We are happy to partner with Indicash™ ATMs, the largest white label ATM network in India, spearheading ATM accessibility in the country. We have been witenessing an increased demand by the commuters to extend ATM convenience at our bus stands, which are an important congregration points in villages. This tie-up is a significant step towards providing our commuters the ATM convenience at our bus stands and depots itself. Post the successful pilot launch, we look forward to strengthening our association with Indicash™ ATMs, by extending this service to over 500 bus stands in remote geographies of Mumbai, Pune, Kolhapur, Nashik, Aurangabad, Amravati divisions, amongst others.”

 

Indicash™ ATMs offer a host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements, PIN change and VAS services like card-to-card transfer, cheque book request and bank statement request. It accepts all domestic debit cards with the first five or three transactions per month being free, depending on the location, in line with RBI regulations for use of ‘other bank’ ATMs.

 

Part of the $108.8 billion Tata group, Indicash™ ATM network was created to ensure convenience and ease of access to millions of citizens residing in satellite cities, rural towns and villages of the country. India is currently an underpenetrated ATM market with just 174 ATMs per million of population (compared to 1,390 in the US, 1268 in the UK, 589 in Singapore and 469 in China). The company plans to take the network footprint to close to 15,000 ATMs by 2017, with a strong focus on driving ATM penetration in tiers three to six markets.