CMS bags Rs 255-cr cash recyclers order from SBI, associates

Cash management and payment solutions company CMS Info Systems today said it has bagged a contract worth Rs 255 crore from State Bank of India and its associate banks for deployment of over 2,300 cash recyclers across the country.
In 2013, CMS had deployed over 7,500 ATMs and 800 cash recyclers on behalf of SBI and associate banks, the company said in a release.
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.

Commenting on the deal, CMS Info Systems executive vice chairman, Rajiv Kaul said, "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."
The deal includes two years of warranty and five years of support for the machines.
SBI is likely to deploy these machines across the country 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.