CMS wins SBI deal worth Rs 255 cr to deploy 2,300 cash recyclers

Cash Recyclers are hi-tech, secure ATMs that dispense cash or accept deposits with bundles of up to 200 mixed bills

CMS Info Systems, cash management and payments solutions provider, has won a contract from State Bank of India (SBI) & its associate banks to deploy more than 2,300 cash recyclers across the country. The value of the deal is around Rs 255 crore and includes two years of warranty and five years of support for the machines.

SBI is likely to deploy these machines pan India with Chennai, Kolkata, Bhopal, Lucknow, Mumbai, Patna and Guwahati being among the key cities. All machines will be deployed within the bank branches and will be programmed to accept deposits and dispense cash.

This is the second large project CMS has won from SBI within a span of one year. In 2013, CMS had won a contract to deploy more than 7,500 ATMs and 800 cash recyclers on behalf of SBI and associate banks. The current deployment is part of the second round of ramping up of Cash Recyclers by the bank.

Cash Recyclers are hi-tech, secure ATMs having the multi-functional ability to dispense cash or accept deposits with bundles of up to 200 mixed bills, after having counted and authenticated them, enabling immediate credit to the depositor's account.

"Over the last one year we have witnessed tremendous growth in the market for Cash Recyclers. We have partnered with Nautilus Hyosung, the fourth largest ATM manufacturer in the world, to bring some of the best self-service terminals for banks available worldwide, to India. We are proud to have partnered with SBI in helping them deploy state of the art banking technology to the remotest corners of India," said Rajiv Kaul, Executive Vice Chairman and CEO of CMS Info Systems.

According to an RBR study from 2011, the overall international market for deposit automation is expected to grow at a compounded annual rate of 11 per cent through 2020, representing a total of 1.4 million terminals.

As of 2013, India had an installed base of approximately 3,500 Deposit Automation machines. In this year alone, India will add to these numbers by at least another 10,000 machines. The sudden spurt can be attributed to instant adoption by customers as well as the apparent operational efficiencies that these machines bring to a bank branch.