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India Crosses 1 Lakh ATM Outlets – SBI Owns 59% ATMs

According to National Payments Corporation the banking system had reached a record of 1 lakh ATMs at the end of October. The total number of ATM stood at 1,04,500. The company is the one operating National Financial Switch for connectivity between banks and ATMs.

Banks are also responsible of handling their quarterly reports in the network section.  SBI and its five subsidiaries that comprise State Bank Group has a network of 61,500 cash vending machines. This is about 59 per cent share in the ATMs. For the record, it was in the 1990’s that bank started installing ATMs. A lot of us know how tedious it is to withdraw cash in the bank during the time that ATMs were not yet used.

The main problem with this is that you can only withdraw money during business hours. Due to the use of ATMs, everything got easy and there are even added functions that you can do in an ATM like fund transfer, donations to charities, cheque and cash deposit.

NCPI Logo National Payments Corp

NCPI Logo National Payments Corp

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