News

State Bank of India floats idea of ATM on a boat

December 29, 2003

KERALA, India -  The State Bank of India is set to launch a floating ATM on a boat in Kerala. SBI officials say the floating machine will take banking to the people, especially  tourists.

According to a report on rediff.com, the ATM has been installed on a ferry and is undergoing trial runs. Code division multiple access (CDMA) technology is used for keeping it operational.

The floating boat with the ATM on board will berth at jetties in Kerala's huge backwaters through which hundreds of thousands of people travel daily. It will also visit hotels, resorts and places of worship along the waterfronts.

Almost 7 million tourists visited Kerala last year, according to rediff.com. Tourism officials say there has been a surge in tourist arrivals this season, with all of the hotels and resorts across Kerala full and some already closing bookings for the next two months.

Festivities at the hotels, resorts and places of worship such as churches, mosques and temples located on waterfronts across Kerala also attract a large number of people.

B Rajagopal, SBI's chief manager for personnel and services in Kerala, said that Kerala's large backwater stretch is an ideal location for launching a floating ATM.

"We are taking banking to the people. The ATM on a boat is another value-added service from the SBI," Rajagopal said.

SBI is the largest and oldest commercial bank in India in terms of profits, assets, deposits, branches and employees. The bank has 1,138 ATMs across the country.

SBI also has seven associate institutions -- State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Indore, State Bank of Saurashtra, State Bank of Mysore, State Bank of Hyderabad and State Bank of Travancore.