STRATEGIC PARTNERS
December 17, 2002
JAIPUR, India -- Bank of Rajasthan (BoR) and Corporation Bank have entered into an agreement to facilitate mutual sharing of their ATM networks in different parts of the country, according to a report in the Hindustan Times.
Addressing a joint press conference, the Corporation Bank's K Cherian Varghese and BoR's P Tayal said the agreement would go a long way in improving ATM access for their customers and would help both banks reduce the cost of transactions.
According to the report, about 200 ATMs will be involved in the joint venture.
Corporation Bank signed a similar ATM agreement with the Oriental Bank of Commerce in November. Tayal said the bank hopes to expand to 500 offices in three years from the present 356 branches.
In the past year, many Indian banks, most notably the privately-owned UTI Bank, have signed ATM sharing agreements. Earlier this month, the Financial Times reported that the State Bank of Indiawas considering opening its 1,500 ATMs to other banks.
