CashTree, Bancs in ATM sharing talks

Bancs, a shared ATM network compising 12 public/ private sector banks, private sector banks, and co-operative banks, and CashTree, a shared ATM network of half-a-dozen public sector banks, have initiated talks to have a shared ATM network. Bancs has 2000 ATMs under its fold and CashTree has 700.

"Talks between the two networks will mainly focus on how to bridge the gap between the transaction charges. While transaction charges for operating an ATM-cum-Debit card on CashTree is Rs 10 per transaction, that on the Bancs network is 25 per transaction," Mani Mammallan, chief operating officer, India Switch Company said on the sidelines of a function to announce ISC's tie-up with Visa International for payment card processing services.

The number of ATMs in the CashTree network is expected to be ramped up to 2000 from 700 by March-end 2004, he added. Members of the Bancs network are : Bank of Maharashtra , Bank of Bahrain & Kuwait, Greater Bombay Co-op Bank, Centurion Bank, Central Bank of India UTI Bank, Punjab & Sind Bank , IDBI Bank Ltd , Ratnakar Bank Ltd, SBI Commercial & International Bank, Cosmos Bank, Air Corporation Employees Co-op Bank, Saraswat Co-op Bank.

Members of the CashTree network are: Bank of India, Indian Bank, Union Bank of India, United Bank of India, Syndicate Bank, and Dena Bank.

Meanwhile, ISC expects to tap the capital market in the next two to three years on reaching a turnover target of Rs 100 crore.

"Our turnover in 2002-03 was Rs 25 crore (Rs nine crore in 2001-02). We expect to reach the Rs 100 crore mark in a couple of years and then we will come out with an initial public offer," Harish K Murthi, chairman and managing director, ISC, said.