OKI (TOKYO: 6703) today announced the installations of 600 sets of cash recycling ATMs, ATM-Recycler G7, in June 2016, to the State Bank of India (hereinafter referred to as SBI), the largest bank in India. This marks OKI's second large-project deployment of its cash recycling ATMs for SBI in India.
SBI decided to procure OKI’s cash recycling ATMs in 2015 and deploy them in four of its designated regions across India. This project follows earlier deployments by OKI that provided an opportunity to thoroughly evaluate the performance of OKI’s robust cash recycling technology vis-à-vis the Indian currency environment. OKI has been serving the Indian market since 2013 and its ATMs are deployed for other government-owned banks, private and co-operative banks as well.
The last two years have witnessed many public and private banks deploying cash recycling ATMs to efficiently manage customer cash deposits and withdrawals through the same machine. The initial response saw migration of cash deposits from teller counters to these advanced ATMs, significantly reducing teller operations and automating the cash deposit process. After sustained trial and verification of technological stability, Indian banks decided to deploy these ATMs outside the branches to provide around the clock services.
“India is an important market for OKI and completing this project with SBI within expected timelines is a significant achievement for us,” says Rupinder Sandhu Anand, CEO of OKI India Private Limited, an ATM sales company in India. “OKI plans to build on this program experience and participate in bids for larger opportunities with SBI and other banks.”
In India, installation of ATMs and cash dispensers (CDs) reached 220,000 units in 2015, making it the second largest market in Asia, following China. The number is expected to continue expanding to 500,000 units by 2020 against the backdrop of economic growth.
Committed to utmost customer satisfaction, SBI is enhancing services and customer convenience through various channels including the Internet and mobile to reach out to its large customer base. Convenient banking services and efficient bank operations are key to enhancing customer satisfaction and cash recycling ATMs are an important channel to deliver valuable services for banks. The reliability and capacity of the ATM-Recycling G7, was a big driver for SBI to consider deploying them in high transacting sites. While reducing cash handling costs is a primary driver for deploying cash recyclers, the enablement of interbank deposit transactions is another significant driver for banks to move to cash recycling ATMs.
Designed as a strategic model for the global market, OKI's ATM-Recycler G7 has gained a strong track record and has established itself in the burgeoning cash economy that is India. A single ATM-Recycler G7 can handle Rs.50, Rs.100, Rs.500 and Rs.1000 denominations and uses the deposited banknotes for withdrawals, leveraging its cash-recycling function to reduce banknote management and operational costs compared to cash dispensers and non-cash-recycling ATMs.