ICICI Bank might outsource ATM division

ICICI Bank might outsource ATM division

ICICI Bank is said to be considering hiving off its ATM division into a separate entity.

The company currently has a network of 1,416 branches along with more than 4,600 ATM outlets.

A company representative spoke about the reports in the media about these developments: “We evaluate various options for different areas of our operations based on global and Indian trends and experience. Certain areas of operations could be made more efficient by transferring to specialized players, who can bring operating efficiency and functional improvements. The ATM infrastructure management and acquiring business are of this nature. For instance, in the US, the card transaction acquiring business has largely moved out of banks and is done by specialized players.”

Considering RBI is all set to make it mandatory for banks to accept rival bank’s ATM cards in their ATM machines for free, this might be a good move on ICICI’s behalf.