The company recently won two orders from State Bank of India to install over 4,000 ATMs over a period of 7 years. “If I consider the SBI contract, which we will start installing in the second half of the financial year, we also have a few other banks in the pipeline. So in total we will be installing 3,000 ATMs and cash recycler machines (CRMs),” said Ravi Goyal, chairman, AGS Transact.
Goyal said the entire industry could add 20,000 ATMs and cash recycler machines in FY25. As of April 2024, there are about 220,000 ATMs, of which 40,000 are cash recycler machines. AGS has installed 75,361 of them. “ATM penetration is very low in India. Customers are withdrawing more amount each time, which is why this business is here to stay,” he said.
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