BANGALORE: CMS Info Systems, India’s leading Cash Management and Payments Solutions Company, has won a contract from State Bank of India (SBI) & its associate banks to deploy more than 2300 cash recyclers across the country.

This is the second large project CMS has won from SBI within a span of one year. In 2013, CMS had won a contract to deploy more than 7500 ATMs and 800 Cash Recyclers on behalf of SBI and associate banks. The current deployment is part of the second round of ramping up of Cash Recyclers by the bank. 

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.

On the deal, Mr Rajiv Kaul, Executive Vice Chairman and CEO of CMS Info Systems commented, “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.

We are proud to have partnered with SBI in helping them deploy state of the art banking technology to the remotest corners of India.

We entered the market for deploying ATMs and Cash Recyclers in 2013. Due to the strategic partnerships we have struck, and our project management capabilities combined with our network pan India, CMS is today the market leader in the deployment of intelligent deposit systems in the country.”

The value of the deal is around INR 255 crores and includes two years of warranty and five years of support for the machines. SBI is likely to deploy these machines pan India 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.

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