Wednesday, March 16, 2016

#Hitachi establishes new #ATM manufacturing unit in #Bangalore

The new ATM manufacturing unit will commence production in June 2016. The new company Hitachi-Omron Terminal Solutions which was set up with a capital of Rs.1 billion , will produce 1,500 units of ATM per month at the end of FY 2016.Aimed at strengthening the ATM business in India, Hitachi Terminal Solutions India will allow Hitachi-Omron Terminal Solutions to promptly accommodate the needs of the market, strengthen the cost competitiveness, shorten the production lead time from order entry to shipment and expand the business of Cash Recycling ATMs, said a company press release.

"Hitachi-Omron Terminal Solutions entered the cash recycling ATM market in India at an early stage and has been providing ATMs that are suited to India's environment, considering the quality, condition and usage of the banknotes, and solutions corresponding to needs of operational efficiency of financial institutions and the deposits of users." said Tetsuji Shimojo, Representative Director and President of Hitachi-Omron Terminal Solutions, "The total number of units that had been deployed by the Company exceeded 5,000 in 2015, allowing it to establish a position of a leading company in the cash recycling ATM industry. To further accelerate the expansion of its ATM business in India, we have decided on local production in India. With the newly established company, Hitachi-Omron Terminal Solutions will support the construction of India's financial infrastructure, and contribute to the job creation and economic development promoted by the 'Make in India' policy."

India is one of Asia's largest ATM markets on account of the country's high economic growth rate of 7% and because it is the world's second most populous country with a population of around 1.3 billion people. The Indian ATM market is expected to continue to expand in future. At present, there are about 200,000 ATMs and CDs (Cash Dispensing ATMs) operating in India. The Reserve Bank of India, which is the country's central bank, is promoting a financial inclusion policy, and financial institutions are increasing their investment in facilities and services. Therefore further growth is expected in the ATM market in the future.