Indicash™ ATM Network attains the 1000 ATM milestone in Maharashtra


31st August, 2016

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Tata Communications Payment Solutions Limited (TCPSL), a wholly-owned subsidiary of Tata Communications Limited and the largest white label ATM service provider in the country, crossed the 1000 IndicashTM ATM milestone in Maharashtra. The 1000th IndicashTM ATM has been deployed at Ravindra Nagar, Aurangabad. This achievement reinforces TCPSL’s commitment to spearhead financial inclusion in the country through its strong focus of driving ATM usage in the untapped and underpenetrated semi-urban and rural geographies.

 

Part of the $108.8 billion Tata group, IndicashTM ATM aims at empowering Indians with the convenience of accessing their own money with ease across cities, towns and villages. The company is rapidly expanding its ATM network and has deployed a robust network of over 8500 IndicashTM ATMs across 20 states, 4500 towns and villages in just three years of its operations and is on track to achieving its commitment of deploying 15,000 ATMs over the next 2 years.

 

The state of Maharashtra forms an integral part of the company’s deployment strategy with over 1000 IndicashTM ATMs spearheading ATM accessibility across 465 towns and villages in 26 districts. It has an extensive network in districts like Pune, Mumbai, Thane, Kolhpur, Ahmadnagar, Aurangabad, Nashik, Satara, Sangli, Sholapur, Amravati, Buldana, Nagpur, Wardha, Yavatmal and more. The IndicashTM ATM network is also challenging the rural conundrum of the underpenetrated ATM market. Unlike bank ATMs, IndicashTM ATM has a strong focus in driving ATM usage in hitherto underserved rural geogprahies. Of the total 1000 ATMs deployed in the state, 60% of these ATMs are set up in Tier 3 to 6 markets. In Mumbai and Thane District itself close to 250 IndicashTM ATMs have been deployed.

 

Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says, “IndicashTM ATM is proud to be a major contributor to the ATM growth in the country. Our rapid ATM deployment reinforces our committment to actualise the Reserve Bank of India’s(RBI) vision of achieving financial inclusion by playing a pioneering role in expanding the ATM footprint. In less than three years, the network has crossed the 1000th IndicashTM ATM milestone in Maharashtra, reinforcing the fact that that the state is integral to our deployment and growth strategy. We are delighted to empower the masses in the state by providing neighbourbood ATM services especially in under served semi-urban and rural locations.”.

 

IndicashTM ATM is also extending the expanse of its network benefit to the banks by offering an innovative plug and play ATM deployment model. The organisations enables the banks to rapidly increase their ATM networks, at a cost as low as 25% of the total investment needed in a brown-label deployment model. The cost advantage is in addition to the flexibility to choose locations, instant brand reach, minimal operational hassles and zero capex outflow. The IndicashTM ATM network is already being leveraged significantly by banks across India, such Federal Bank, DBS, Solapur Janata Sahakari Bank, to set up ATM’s through this model.

 

IndicashTM ATM network is also extending its expansion benefit to advertisers. With Tier 3 to 6 locations turning into the latest hot spots for companies across sectors for growth, brands across categories are increasingly using the IndicashTM ATM network as an effective brand engagement medium to tap customers in these high growth markets.

 

IndicashTM 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 has recently enabled its ATM network to offer users the benefit of linking their Aadhaar account to their bank accounts and mobile banking registrations. 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.