Srei Infrastructure Finance is planning to roll out 25,000 white label ATMs in rural sectors after it receives necessary approvals from the Reserve Bank of India (RBI).
Sources said with ?right vendors?, it will roll out at least 4,000 ATMs by the end of the next year. The RBI has allowed non-banks with net worth above R100 crore to set up and operate ATMs, particularly in Tier-III-VI areas of the country.
Bharat Technical Solutions, a company Srei has engaged for management of white label ATM project, has already floated expression of interest for 25,000 ATMs on behalf of Srei. While no one in Srei Infrastructure was available for comment, sources in Bharat Technical solutions said the company will ask vendors to roll out 25,000 ATMs in 2-3 years.
?We are chalking out areas where we can launch the ATMs. We have to maintain a balance between the number of ATMs deployed and the citizens? ability to use them. So, it should be financially viable for the company as well,? said Rajiv Aggarwal, CEO of Bharat Technical Solutions. Bharat Technical, appointed as project management consultant by Srei, will be responsible for rolling out and operating the ATMs.
?Initially, we will concentrate on the eastern states as that is where Srei is strong. To begin with, we will have limited numbers for Tier-VI towns and gradually increase in Tier V and Tier IV,? Aggarwal said.
