All SBI branches to have ATMs by March-end

State Bank of India (SBI) is upgrading a big chunk of its automated teller machine (ATM) network into self-service centers, which will include cash deposit machines and passbook printers. The bank will also install ATMs in even the remotest branch by end-March 2014.

Speaking to TOI, A Krishna Kumar, managing director, SBI, said that the bank was targeting a few thousand ATMs where the self-service kiosks and cash deposit machines would replicate most of the functions of a branch.

SBI currently has 17,804 onsite ATMs and 13,945 offsite machines. The bank has also placed an order with CMS to install 7,850 ATMs for the group. "The cost of doing a transaction in a branch is around Rs 40 while in an ATM the cost drops down to less than Rs 20," said Krishna Kumar.

The bank is the largest issuer of debit cards and has issued 12.39 crore cards. "The only accounts that do not have the cards are some of the old accounts. In almost all new accounts cards are issued at the time of account opening," he said. SBI had 15,143 branches as of end September. According to Krishna Kumar, the bank plans to add 1,000 more branches annually. Of the branches, 16% are in metros, 18% in other urban centres, 28% in semi-urban areas and 38% in rural centres.


Source: Economic Times