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CMS Info Systems on Sunday announced the acquisition of Financial Software and Systems' (FSS) managed services business for Rs 115 crore to strengthen its position in the end-to-end ATM management space. The transaction involves the transfer of operating assets and novation of customer contracts, and is expected to close in Q1 FY27, according to a statement. It will add 8,000 automated teller machines (ATMs) to take CMS' portfolio in the management solutions business, where it acts as a technology provider and operations partner for banks, to 39,000 machines. It will also add new private sector banking relationships. CMS' Executive Vice Chairman and Chief Executive Rajiv Kaul said the managed services industry is consolidating, and banks are looking to work with fewer and larger partners. "FSS' clients are exactly the kind of relationships we want to deepen, and bringing them onto our platform opens the door to serve them across our full suite of services," Kaul added. An official
The Central Railway (CR) has installed an automated teller machine (ATM) onboard the Mumbai-Manmad Panchavati Express on an experimental basis, officials said. The ATM, provided by a private bank, has been installed in an air-conditioned chair car coach of the daily express service and will be made available to passengers shortly, they said. "The ATM has been installed on board the Panchavati Express on experimental basis," CR's chief public relations officer Swapnil Nila said on Tuesday. According to the railway officials, the ATM has been put up in a cubicle at the rear end of the coach, a space earlier used as a makeshift pantry. A shutter door has been provided to ensure the safety and accessibility while the train is in motion, they said. The necessary coach modification was undertaken at the Manmad Railway Workshop, the official said. The Panchavati Express, operating daily between Chhatrapati Shivaji Maharaj Terminus in Mumbai and Manmad Junction in neighbouring Nashik ...
The Congress on Saturday hit out at the Modi government after the RBI's decision to allow banks to increase charges on ATM cash withdrawals, and said banks have been reduced to "collection agents" to "loot" citizens. Giving a list of charges levied by banks, Congress president Mallikarjun Kharge said a "painful" price rise and "unbridled loot" was the BJP's mantra. "Our banks have been unfortunately made 'collection agents' by the Modi government! ATM withdrawal charges to be costlier," Kharge said in a post on X. "The Modi government has extracted at least Rs 43,500 crore due to non-maintenance of minimum balance from savings accounts and Jan Dhan accounts combined, between 2018 and 2024," he said. "Other bank charges to LOOT citizens - an inactivity fee, which is Rs 100-200 every year. Bank statement issuance fee is Rs 50-100. Rs 20-25 per quarter is charged for SMS alerts. Banks charge 1-3 per cent as loan processing fees," he added. The Congress chief also claimed that if a lo
The Supreme Court on Tuesday set aside a Gauhati High Court order for round-the-clock manning of ATMs to ensure one customer entry at a time. A bench of Justices B R Gavai and K Vinod Chandran took note of the submissions of solicitor general Tushar Mehta, appearing for some banks, that it was not practical to deploy security guards round the clock at all ATMs. "In Assam, we have around 4,000 ATMs. We cannot have one security guard at all the ATMs. The worldwide recognised system is to have CCTVs," he said. Mehta said the apex court in December 2016 stayed the high court's direction, which could be made absolute. He said the petitioner banks, including the State Bank of India, had no grievance in accepting the other directions issued by the high court in December 2013 concerning security protocols for proper functioning of ATMs. The bench allowed the petition and set aside the direction issued by the high court which read, "Place security guards round the clock at all ATMs so that