More 600 atms of all banks in Telangana

Hyderabad, January 24: Here a good news for money seekers, who are effected by post demonetization in Telangana. The State of Bank of Hyderabad (SBH) and State Bank of India (SBI) are now planning to go in for a massive ATM expansion in Telangana.

Nearly 600 new ATMs will be operational in the next few months in the state. Instead of security guards, these ATMs will be under e-surveillance.

"We have got the permission to establish 450 new ATMs in the state. We have already undertaken a survey to fix the location of these ATMs," S Rangachari, assistant general manager of SBH told media. The locations where a minimum of 150 transactions are guaranteed will be preferred, he added.

The ATMs will not be supervised by a security guard, instead they will be monitored by e-surveillance, he added. All the transactions will be monitored by the agency from a central server. Each ATM will be set up at a cost of nearly Rs 3 lakh and equipped to do transactions on chip-based cards.

Reserve Bank of India (RBI) has instructed all banks to change to this system to avoid cloning of cards in ATMs before next year.

Most ATMs will be in set up in 10X10 area to accommodate a second machine in future. After demonetisation, the ATMs have become more important as each cheque transaction worth Rs 5,000 will cost about Rs 75 for the bank, whereas it costs only Rs 40 in case of ATMs.

Sources in the banking sector said that SBI also got the permission for expansion of ATMs. Nearly 150 ATMs will be set up. Earlier, the RBI used to give permissions for the banks for ATM expansion, now the managements take a call on the issue.