STRATEGIC PARTNERS
May 20, 2003
MUMBAI, India -- Euronet Worldwide and four banks -- Standard Chartered Bank, IDBI Bank, UTI Bank and Citibank -- have launched the country's first independent shared ATM network branded "Cashnet."
According to a report in The Hindu, IDBI Bank received permission from the Reserve Bank (RBI) to serve as the network's settlement bank.
(See related story Euronet gets go-ahead for shared ATM network in India)
Cashnet is expected to go "live" in June, with access to more than 1,300 ATMs for more than 6 million debit and credit cardholders of the member banks.
Loney Antony, managing director of Euronet Services India Pvt Ltd, a subsidiary of Euronet Worldwide, said Euronet hopes to add three or four additional banks to the network by the end of 2003, for a total of at least 2,500 ATMs.
According to the Hindu, Euronet Worldwide will invest $20 million in the subsidiary over a five-year period; $2 million has already been spent, with an additional $1 million expected in the coming months.
Euronet expects the subsidiary to become profitable in 2004, according to the Hindu.
