TCPSL launches Indicash in Asansol


19th November, 2013

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Tata Communications Payment Solutions Limited (TCPSL), a wholly-owned subsidiary of Tata Communications Limited, today launched the Indicash™ ATM network in Asansol, West Bengal. Two  Indicash ATMs were inaugurated in Asansol by Mr. Tapas Banerjee, the Mayor of Asansol Municipal Corporation, and Mr. Rakesh Sinha, the Chief Managing Director of Eastern Coalfields Ltd. By March 2013, TCPSL plans to launch 15 IndicashTM ATMs in Bardhaman District.

TCPSL’s first white-label ATM was launched in Chandrapada village, Thane District, Maharashtra on June 27th 2013. The company has grown its network to   over 400 ATMs across eight states in India. This is in keeping with the Reserve Bank of India’s (RBI) vision to accelerate growth and improve ATM penetration across the country.

Over the next three years, TCPSL intends to deploy a minimum of 1,000 IndicashTM ATMs in West Bengal, a region which plays a vital role in the company’s plans to roll-out 15,000 Indicash ATMs across India. TCPSL’s aim of enabling financial empowerment to users across India will see a strong focus on tier 3 to tier 6 towns in West Bengal. The state of West Bengal has very low ATM density at 64 ATMs / Million as compared to the national average of 94 ATMs / Million. In phase one, TCPSL will be rolling out 150 Indicash ATMs in West Bengal across eight districts, namely Kolkata, Bardhaman, Birbhum, 24 Parganas, Hooghly, Jalpaiguri, Siliguri and Howrah.

Sanjeev Patel, CEO, Tata Communications Payment Solutions Limited, says, “The inauguration of the IndicashTM ATM network in Asansol today marks our foray into the second largest city of West Bengal, after Kolkata. Given the city’s economy and the significant presence of diverse enterprises, easy banking becomes an imperative for continued economic growth. Our endeavour is to make ATM services available across India, with a focus on places which have had negligible or minimal banking infrastructure.”

The IndicashTM ATM was designed on the back of in-depth consumer research conducted by TCPSL across the  country. The research analysed the main concerns surrounding the use of ATMs and found these to be  primarily: the short dispensation of cash; difficult user interfaces; ATM cards being swallowed by the machine; and privacy/security issues - especially in Tier 3 and rural locations.

All IndicashTM ATMs have been designed to guard against these situations, making banking in India safer, more reliable and stress-free. Key features include: dip machines that ensure cards are not swallowed by the machine; an interface designed to be intuitive and simple, with multi-lingual messaging; and privacy screen filters, key pad shields and electronic surveillance to enable secure transactions. For West Bengal, these ATMs have been customised with menu instructions in Bengali.

Along with the regular services, the second phase of the IndicashTM network roll-out will see value-added and utility services being offered to the customers. As per RBI regulations for use of ‘other bank ATMs', Indicash™

ATMs will accept all domestic debit cards and the first five transactions per month will be free.