[July 28, 2016] |
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OKI Completes Installations of 600 Cash Recycling ATMs for State Bank of India
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 (News - Alert) 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
compan 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.
About State Bank of India(SBI)
State Bank of India (SBI), with a 200 year history, is the largest
commercial bank in India in terms of assets, deposits, profits,
branches, customers and employees. The Government of India is the single
largest shareholder with 61.58% ownership. It has assets of INR
2,048,080 crores and 16,333 branches, including 191 foreign offices
spread across 36 countries, making it the largest banking and financial
services company in India by assets.
About OKI Electric Industry (OKI)
Founded in 1881, OKI Electric Industry is Japan's leading
telecommunications manufacturer in the Info-telecom field. Headquartered
in Tokyo, Japan, OKI provides top-quality products, technologies, and
solutions to customers through its info-telecom systems and printer
operations. Its various business divisions function synergistically to
bring to market exciting new products and technologies that meet a wide
range of customer needs in various sectors. Visit OKI's global website
at http://www.oki.com/.
Notes:
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The names of the companies and products mentioned in this document are
the trademarks or registered trademarks of the respective companies
and organizations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160728005608/en/
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