Hughes Makes 10,000 VSATs Operational Under MoF Project
Hughes Communications India Limited (HCIL), a subsidiary of Hughes Network Systems, a provider of broadband satellite networks and services said that the company has reached a milestone of 10,000 operational VSATs with the Ministry of Finance (MoF) ATM project since the project commenced rollout in September 2012. To increase the penetration of banking services, the Finance Ministry has favoured setting up white label ATMs in the country, so as to help bring banking services reach the most remote places.
Hughes also announced the first ever deployment of white label ATMs in the country, powered by the Hughes VSAT broadband satellite solution. Currently, there are 500 operational VSAT deployments of white label ATMs in various states such as Maharashtra, Karnataka, Tamil Nadu, and Uttar Pradesh.
The Ministry of Finance project is part of one of the largest outsourcing deals in the financial sector, under which the MoF and a consortium of all public sector banks of India have contracted with nine different Multi Service Providers (MSPs) to install and manage a total of 63,000 off-site and on-site ATMs across urban and rural India for an eight-year period. When complete, this initiative is expected to increase India’s ATM density by over 60 percent, thus helping meet the goals of financial inclusion and penetration of banking services, ensuring that bank ATM machines reliably deliver cash in the most remote areas and deliver e-government services to citizens directly.
Shivaji Chatterjee, Enterprise Business Head at HCIL said, “India is an under-penetrated ATM market with only 98 ATMs for every 10 lakh of population (1 million). Our focused approach and effort towards financial inclusion helped reach this milestone of 10,000 operational VSATs for MoF. This further reinforces the undisputed leadership of Hughes in the banking and POS/ATM/retail domains and is testimony to the significance of satellite networking that has become the backbone of connectivity for the Indian banking industry.”
“Hughes India has now completed a landmark 80,000 operational VSATs on its shared hub, providing secure satellite connectivity with uptimes of greater than 99.5 percent and enabling 24×7 banking services through the length and breadth of the country,” continued Chatterjee.
According to a recent report, ATM density in China is 211; in the UK, it is 530; and in the USA, it is 1,390. White label ATMs account for nearly 50 percent of ATMs in the US and 70 percent in Canada. Within India, Chandigarh has the highest ATM density with 400 machines for every 10 lakh people, while the density is 180 in Tamil Nadu, 141 in Maharashtra, and 71 in West Bengal. Maharashtra, with 15,000 ATMs, has the highest number of ATMs; West Bengal ranks eighth with 6,500 ATMs.
- IT, Digital Firms Comprise LinkedIn's Best Cos For 2018
- Four Reasons For Indian Enterprises To Move To SIP
- How Artificial Intelligence Is Changing The Banking Sector
- India Sets Up Policy Group To Study AI: NASSCOM
- Role Of Privacy In A Digital World
- SITA Helps Vistara Speed Up Communication
- Qualcomm Bets Big On AI, Machine Learning
- India Govt Puts Chinese Handsets Under Scanner: Report
- Brocade Branches Out SDN Controller Into Lumina
- Pi Datacenter's New Amaravati Facility To Employ 2,000 Staff