SBI to improve its hold in PoS business
January 1, 2010‐ New Delhi
If reports in the media are to be believed to be correct, State Bank of India (SBI) is planning to buy about 1.5 lakh Point of Sale (PoS) terminals. The PoS are planned to be ready for operations from 2010-11. This move by SBI will help the bank to improve its fee-based income business. The Bank's request for proposal (RFP) was for about 1.35-1.50 lakh POS terminals to be deployed across the country with a concentration in metro, urban, semi-urban and rural areas of the country.
PoS is indeed a huge business opportunity for a country like India that is trying to make cash-less transactions a common thing. SBI which has invested hugely in educating India about the advantages of using debit cards for making payments now aims to penintrate more.
Another recent development in the PoS market is that of ICICI Bank which sold its point of sales (PoS) terminals network to First Data Corporation (FDC). Reserve Bank of India (RBI) has already given its nod for the sale.
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