Hitachi Terminal Solutions India Pvt Ltd has established a 1,08,000 square foot ATM or Cash Recycling Machine (CRM) manufacturing plant in Bangalore. The latest capacity addition will allow the company to triple its current monthly production capacity of 1,000 CRMs. Although similar to ATMs, CRMs allow users to deposit cash in addition to all the other facilities that ATMs offer, the company said.
In India, the company claims to have a large customer base in national banks, state banks, private banks and cooperatives with names like SBI, Axis Bank and others. In addition, with the installation, it also seeks to expand its exports of these machines. Currently, it exports to markets such as South Africa and Bangladesh.
“Yoshihiro Nakatani, Managing Director of Hitachi Terminal Solutions India Private Limited, said: “Our estimate indicates that more than 1.1 million cash recycling machines will have the capacity to be installed worldwide by 2024. Due to this, we have built this facility, with the aim of offering secure CRMs to our clients.”
The company is also looking to expand its workforce by hiring 400 people. “We will be hiring 400 people by April FY24 and are primarily looking to hire people for the plant level of the new facility,” said C Sivaramane, plant manager, Hitachi Terminal Solutions. Currently, the company has a staff of more than 250 people in India.
Demand for ATMs
Rustom Irani, CEO of Hitachi Payment Services, said that despite the increasing number of online transactions, the demand for these machines is significant.
“Sure, the number of online transactions has increased, but so have cash transactions, and that’s because we’re a growing nation with cash incentives. And as the economy continues to grow, the amount of cash in circulation will also increase. In fact, we have installed more than 8,400 white-label ATMs across the country, and before demonetization, there were 3,000-4,000,” he noted.
According to Bharat Kaushal, Managing Director of Hitachi India, “India continues to be the melting pot of innovation and growth in Asia. Our presence in India, through around 28 group companies, has seen steady growth in the past and continues to do so more strongly. Hitachi, through its diverse business presence, has multiple manufacturing facilities across the country, spanning energy, automotive, urban mobility including rail, industrial UPS and more.”
Hitachi Terminal Solutions India said that due to factors such as increased connectivity to major highways and airports and a pool of skilled talent, the factory has been strategically located in Bangalore.
