Corporation Bank to let other banks share its ATM facilities

Hyderabad: Corporation Bank plans to cash in on its investments on ATMs by letting other banks share the facilities.

The bank, which has entered into agreements with Oriental Bank of Commerce, Karnataka Bank and Bank of Rajasthan for sharing its ATM network, is negotiating with a couple of other banks for similar arrangements.

Disclosing this at a news conference on the eve of opening 12 high-tech banking units in the twin cities of Hyderabad and Secunderabad, Corporation Bank chairman and managing director K Cherian Varghese said the bank will finalise arrangements with Dena Bank and Allahabad Bank shortly for sharing its ATM network. “Plans are afoot to share our vast ATM network with more banks.”

Aimed at further strengthening its distribution network, the bank proposed to go aggressive in expanding its ATM network across the country.

The bank, which currently has a network of 300 ATMs, has initiated measures to set up another 200 by the end of the current fiscal year, taking the total network to 500 ATMs by 31 March 2003. The sites have been identified and the orders for the ATMs have been placed, Varghese said.