Financial Daily from THE HINDU group of publications
Tuesday, Jul 29, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 29, 2003 |
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Money & Banking
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Public Sector Banks Five PSBs share ATM network Our Bureau
Bangalore , July 28
FIVE public sector banks have jointly launched up a shared automatic teller machine (ATM) network in the country. The five banks are Syndicate Bank, Bank of India, Indian Bank, United Bank of India and Union Bank of India. Briefing presspersons here after launching the service branded `CashTree', Mr Michael Bastin, Chairman and Managing Director of Syndicate Bank, said the agreement would allow access to about 500 ATMs of all the banks put together. This was expected to increase to about 1,000 ATMs during the year. But the system installed was scalable to about 3,000 ATMs covering the entire country, he said. The sharing of the network was being taken with a view to minimise costs and optimise the use of resources. The sharing was essential as a single ATM was equivalent to about five manual tellers, Mr Bastian said.
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