NEWS & ADVICE : CREDIT CARDS
Bank of India plans to double its ATM network
By Ankit Sharma
Apr 15, 2009
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State-run, Bank of India (BoI) plans to increase its ATM network across the country during the current fiscal. The bank has decided to double the number from 500 to 1000.

BoI's Executive Director, M Narendra said that presently the bank has around 500 ATMs and it plans to add another 500 during 2009-10. He further confirmed that the RBI's decision on free ATM usage of the third party from April 1st would not affect their expansion plan.

As per the RBI's directive, every transaction conducted by a bank's customer on other bank's ATM costs the lender anywhere between Rs 12 and Rs 18 that cannot be passed onto the customers.

Meanwhile BoI is also not being conservative while issuing new ATM cum debit cards to its account holders in order to reduce its costs. "This card is being issued to every new customer opening an account with us from centralized locations," he said.

Further Narendra said, "A move to issue more ATM-debit cards would lessen the pressure on our branches, most of which handle bulk pension accounts. Such customers insist on personalised care at the counters, and this may eat in to the time of other customers."

He also said that the ATMs can be used for various purposes and added that a majority of the 500 new ATMs will be onsite ATMs.

Narendra added that the bank is also planning to lower its minimum lending rate to 12% following which the deposit rate will also come down.

 


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