CMS wins Rs 255cr SBI deal for 2,300 cash recyclers

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CMSCMS 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.

The value of the deal is around Rs 255 crore 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.

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.

Rajiv Kaul, Executive Vice Chairman and CEO of CMS Info Systems 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. We are proud to have partnered with SBI in helping them deploy state of the art banking technology to the remotest corners of India.”