Mumbai: India’s second largest ATM manufacturer AGS Transact Technologies is aiming to deploy more than 3,000 ATMs in the current fiscal year. After the industry stagnated during the Covid period, banks have once again started adding branches which is seen to give a fillip to the industry.
The company recently won two orders from State Bank of India to deploy more than 4,000 ATMs over a period of 7 years. “If I consider the SBI contract which we will start deploying in the second half of the fiscal year, we also have a few other banks in the pipeline. So in all we will deploy 3,000 ATMs plus cash recycler machines (CRM),” said Ravi Goyal, chairman, AGS Transact.
Goyal added the entire industry could add up to 20,000 ATMs and cash recycler machines in FY25. As of April 2024, there are nearly 220,000 ATMs , of which 40,000 are cash recycler machines. AGS has set up 75,361 of those machines. “The ATM penetration in India is very less. The customer is withdrawing more amounts in every visit which is why the business is here to stay,” he said.
