SBI plans to triple ATM network in 3 years | india | Hindustan Times
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SBI plans to triple ATM network in 3 years

india Updated: Aug 04, 2007 17:00 IST
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India's largest lender State Bank of India on Saturday said it plans to increase ATM network by about 3.5 times to 25,000 over the next three years.

"We plan to increase our ATMs from existing 7,200 to 25,000 within three years... In a year we could open 2,000-3,000 ATMs," SBI chairman O P Bhatt told reporters here.

Out of 25,000 ATMs, a significant number would be owned by the bank while others could be white-label ATMs or leased, he added.

He said the bank has not decided on the number of ATMs that it will own, but "a significant number will be SBI ATMs."

"We will take a decision soon," Bhatt said.

In its resolve to build a "cashless society", SBI in association with global payment gateway Visa, introduced SBI Gold International Debit Card for the higher segment.

"We will make cashless banking happen in India. We have 27 million debit cards, the largest in Asia Pacific and they are growing at the rate of six lakh cards a month which we would increase to a million cards a month," Bhatt said.

The bank expects to add 1,00,000 customers in three to six months on Gold Card and will soon introduce Visa debit card in variants like Yuva, Platinum and Shopping card etc.

"The debit card will enable customers to carry out card- to-card money transfer, safe online purchase on "Verified by Visa" security layer or pay utility bills," Visa Executive Vice President and GM Southeast Asia James Murray said.

The Gold Debit Card is available to all saving account holders of the bank with an average quarterly balance of Rs 50,000 free of cost.