The private sector lender, IndusInd Bank, has steadily increased its customer share by enhancing its ATM offerings. It is providing customers the option of withdrawing money in the denomination of their choice and is also enabling them to withdraw funds without making use of cards.
On the matter, the Managing Director and CEO of IndusInd Bank, Mr. Romesh Sobti said, "Last month, 17 lakh users used our ATMs and 75 per cent of those were non-customers... our services are attracting them to us," Sobti said. "Typically 5-7 per cent of these customers move with us...I am interested in the savings bank account and not the Rs 15 that I get through inter-charge for using another bank's ATM."
At present, the bank has an ATM network of 852 installations across the country, in 320 locations. This is the only bank allowing customers to withdraw money in their choice of currency from their ATMs.
Talking about allowing cash withdrawals without using cards, Sobti said, "An ATM typically costs Rs 3.5 lakh...and with rentals, the capital expenditure to about Rs 4.5-5 lakh. So, if an average usage is between 100 and 150 for an ATM across the network, then you break even over time." It should be noted that the bank allows customers to withdraw cash by using the cash-on-mobile facility.