The State Bank of India (SBI) has tied up with two
major private sector banks, ICICI Bank and HDFC Bank,
to create the largest domestic ATM network. The bank signed
two separate memoranda with these two private sector banks.
the arrangement, customers of SBI and ICICI Bank can access
each other's ATM network for a small fee. The customers
of SBI and HDFC Bank will also enjoy similar benefits.
and associates at present have 2,068 ATMs and ICICI Bank
has a network of 1,725 ATMs. The SBI-ICICI Bank tie-up
will give access to the combined network of 3,973 ATMs,
spread across over 600 centres in the country.
Bank executive director Chanda Kochhar says the technology
modalities are being worked out by the two banks and will
be completed in the next 45 days. "Customers of both
the banks can withdraw cash and enquire about their accounts
by the new tie-up. Other services like depositing cash
will be eventually included in the mutual services. A
fee of Rs 18 and Rs 7 will be charged for cash transaction
and other enquiries, respectively."