SBI expands ATM network with Findi, adding 2,293 new machines

By Gloria Methri

Findi has secured a significant agreement with the State Bank of India (SBI) to deploy an additional 2,293 ATMs across India. This expansion builds upon the 4000+ ATMs awarded to Findi in October 2023, marking a 54% increase in its engagement with the bank.

Structured over a seven-year term with an optional three-year extension, the agreement brings improved pricing for Findi compared to previous third-party outsourcing arrangements. This strategic enhancement is expected to drive higher margins for Findi’s BLA operations.

Findi currently has over 11,000+ Brown Label ATMs in its portfolio, covering central Indian banks, including SBI, HDFC Bank, Central Bank of India and Union Bank of India.

This agreement, the fourth such this year, is part of Findi’s continued expansion plans. Recently, the company acquired BankIT, a digital payments service provider with over 129,000 merchant touchpoints, bringing its total merchant network to over 180,000.

Additionally, Findi acquired Tata Communications’ White Label ATM business in February, providing it with 4600+ White Label ATMs, a Payment Switch, and a White Label ATM licence.

Deepak Verma, MD and CEO of Findi, said, “This expansion of our agreement with the State Bank of India validates our capabilities built over decades and highlights our commitment to operational excellence. By expanding our ATM network, we are not only strengthening our relationship with India’s largest public sector bank but also ensuring that basic banking services become more accessible to underserved communities as part of our vision to drive financial inclusion in India.”

This expansion aligns with Findi’s vision of building a comprehensive financial services ecosystem by integrating ATMs with its extensive merchant network. By reinforcing its partnership with India’s largest public sector bank, Findi aims to advance financial inclusion and accessibility, ensuring essential banking services reach underserved communities nationwide.