State Bank of India (SBI) group plans to acquire 50,000 Point-of-Sale (PoS) machines for deployment over the next 18 months.
Earlier in September, Mr. R Karthikeyan, the chief general manager (corporate strategy and new business) of State Bank of India told reporters on the sidelines of a FICCI-IBA conference in Mumbai, “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.
These are being done as part of its plans to upgrade its technological infrastructure and improve the speed of customer handling at its branches as well as merchant locations.
SBI has over 14,100 branches while its five associate banks have over 4,500 branches. The group has about 28,000 ATMs.