Oki has completed its latest deployment of 600 Oki G7 cash recycling ATMs on behalf of India’s largest financial institution, the State Bank of India, the company announced in a press release.
This is Oki’s second large deployment of cash recyclers for the bank. Earlier deployments provided an opportunity to evaluate the performance of the company’s cash recycling technology in the Indian currency environment, the release said.
The Oki ATM Recycler G7 accepts rupee banknotes in denominations of 50, 100, 500 and 1,000. Its cash-recycling function reduces cash management and operational costs compared with ordinary cash dispensers and nonrecycling ATMs, the company said.
Oki has been serving the Indian market since 2013 and its ATMs are deployed for other government-owned, private and cooperative banks, as well. SBI is now operating Oki cash recyclers in four of its designated regions across India.
“India is an important market for Oki and completing this project with SBI within expected timelines is a significant achievement for us,” said Rupinder Sandhu Anand, CEO of Oki India PLC, an ATM sales company. “Oki plans to build on this program experience and participate in bids for larger opportunities with SBI and other banks.”
India’s installed base of ATMs reached 220,000 units in 2015, and is expected to expand to 500,000 units by 2020, Oki said.