State Bank of India (SBI) aims to increase point of sales terminals to 1lakh

State Bank of India (SBI), India’s largest bank, is aiming to expand its number POS (point of sale) terminals from the current 18,500 to a staggering one lakh merchant points by the end of 2012-13.

According to the chief general manager, (corporate strategy and new business) of State Bank of India Mr. R Karthikeyan, the broader object is to stay away from cash transactions while supporting electronic banking efforts.

“Firstly, we shall double the figure to around 32,000 points by October end and gradually take it to one lakh level by March end,” he told reporters on the sidelines of a FICCI-IBA conference held here in Mumbai.

PoS terminals are those bank-owned machines installed in different merchant locations wherein you swipe your debit or credit card to pay your shopping bill.

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