Payment solutions provider AGS Transact Technologies today said it will produce ATM machines locally to cater to the rural financial demand in the country.
The company said the initiative is in line with the Centre's 'Make In India' initiative and the financial inclusion drive.
"Inspired from the government's 'Make in India' scheme and in line with the financial inclusion activities in the country, AGS Transact Technologies Limited (AGS) has developed a range of ATMs tailored to the requirements of remote rural areas," the company said in a statement.
The production is a collaborative effort with Wincor Nixdorf under a manufacturing agreement.
"These ATMs will be manufactured in India with a sizeable part of the value-creation process being provided by AGS. The manufacturing facility is currently being established in Union Territory of Daman", it said.
AGS said the locally manufactured Automated Teller Machines (ATMs) will facilitate a stronger payments infrastructure in smaller towns and cities of the country.
"With India lagging far behind in terms of ATMs per million population, the government's financial inclusion initiative, entry of new players in the banking sector and White Label ATM deployments will drive ATM growth in India", said Ravi B Goyal, Chairman and Managing Director, AGS Transact Technologies.
He said the total ATM installed base in India is projected to double from approximately 2 lakh ATMs to over 4.5 lakh ATMs by 2019.
