The Bank of Baroda is planning to set up low-cost ATMs in rural areas in the country in association with the Indian Institute of Technology (IIT), Chennai. | |
| Speaking on the sidelines of a press conference organised in connection with its follow-on issue, J K Chandar, general manager with Bank of Baroda, said, "The main objective behind setting up low-cost ATMs in the rural areas is to enable spread of technology. IIT-Chennai is pioneering this initiative and we will be partnering with them for the purpose. We plan to launch these ATMs some time later this year." |
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| According to Chandar, such low-cost ATMs would come at a price of around Rs 60,000 as compared to Rs 3-5 lakh for an ordinary ATM. |
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| "Some of the ATMs will also have Wi-Fi technology," he added. Chandar, however, said that the scope of this project and the investment were yet to be finalised. |
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| With regard to the bank's life insurance foray, Chandar said that it was likely to happen in 2006-07. |
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| "Many foreign entities have been in discussions with us. We have not yet settled the deal with anyone. We may even include a third party to meet the capital requirements," he added. |
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| The bank is also looking at foraying into stock broking. |
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| The Bank of Baroda is entering the capital market with a follow-on issue of 71 million equity shares of Rs 10 each for cash at a premium to be decided through the book-building process. |
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| Post-issue, the government's shareholding will be down to 53.81 per cent from 66.83 per cent at present. The issue opens on January 16, 2006, and closes on January 20, 2006. |
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