State Bank of India to open 5000 new ATMs, 1000 Branches this fiscal

Mumbai headquartered public sector lender State Bank of India (SBI) is planning to launch up to 5,000 new Automated Tellor Machines (ATMs) across India in 2014-15 financial year. Country’s largest lender closed the 2013-14 financial year with 43,515 ATMs and SBI group  has 51,491 ATMs. Even with this large network of ATMs, SBI had paid Rs 991 crore to other banks as an interchange fee. SBI-Logo

“We are planning to add about 3,000-5,000 ATMs this fiscal,” Mr. A Krishna Kumar, Managing Director (National banking) of SBI told reporters on the sideline of State Bank Day celebration.

ATM card holder enjoys first five transaction at other banks ATM for free but the issuing banks has to pay for every single transaction done in other bank’s ATM.

At present, for every 2500 SBI ATM card holder, there is only one SBI ATM. While in case of other bank there are 1,500-1,700 card holder per ATM. Due to the queue formed outside SBI Group ATM, the customers who enjoys five free transaction go to other bank’s ATM located nearby to save time.

Meanwhile, on the branch expansion, Kumar said it will add up to 1,000 branches this year. The bank will also be focusing on scaling up its network of point of sales machines, he added.

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