Hughes India wins Rs 200 cr orders for ATM project

Hughes Communications India today said it has won contracts worth Rs 200 crore to connect 27,000 ATMs through broadband satellite network.

The company has been contracted to connect 27,000 offsite ATMs with a secure broadband satellite network over the next two years, Hughes Communications India Ltd (HCIL) said in a statement.

It will also provide managed network services for various public sector banks.

"The contracts have a total value of Rs 200 crore (approx $36 million) over an 8 year period, and were awarded by eight Managed Service Providers (MSPs)," it added.

 These MSPs are Accura Infotech, AGS Transact Technologies, EPS, FIS Global, Financial Software and Systems, MphasiS, NCR, and Tata Communications Banking Infra Solutions.

Finance Ministry and a consortium of public sector banks have contracted with nine different MSPs to install and manage a total of 63,000 off-site and on-site ATMs across India.

The MSPs were chosen through a series of reverse auctions for sixteen different circles, conducted by six lead banks, namely, State Bank of India, Bank of India, Punjab National Bank, Bank Of Baroda, Union Bank of India, and Canara Bank, the statement said.

India has approximately 100,000 ATMs and this initiative is expected to increase the ATM density by over 60 per cent.

"The Indian ATM industry is growing at an exponential rate, and this project will bring much-needed banking services to consumers and businesses across the country," HCIL President and Managing Director Partho Banerjee said.

Upon completion, it will bring HCIL's total managed sites to over 60,000, he added.