The State Bank of India (SBI) has signed a EUR30 million contract with Germany's Giesecke & Devrient (G&D) for the supply and maintenance of 1700 bank note processing systems.
G&D says the EUR30m order includes the delivery of cash sorting machines as well as a three year maintenance contract.
The German vendor says it will roll out its Numeron or BPS 200 units across SBI's 9000 branch offices which count and sort the bank notes according to condition.
Alexander Seeländer, general manager of G&D India, says the vendor's local infrastructure in India was key to securing the SBI contract.
He says G&D is hiring 140 additional field engineers in order to offer services everywhere in the country – in remote mountain areas as well as on tropical islands.