History
Established in April 2009, by our founder and current CMD Mr Abhoy Bagchi, the sole aspect was to change the traditional aspects of any business form with amalgamation of technology.
Many deals and goals were set to be established in a span of 11 years. But study of every form of business was ultra necessity at that particular time. Thus was the first project encapsulated in the form of Indian ATM industry and its via media? In due course of time the annomilities found in the system were choking and shocking for any body to gut off. Some of the revelations from the survey are-
1. Manpower in the atm industry was either low skilled or unskilled for no formal education was there particularly for atm industry.
2. People were inducted into any organization on basis of personal approach of the management (at any level) and not pertaining to professional qualifications.
3. The said personnel were employed without any formal contract and or appointment letters and were forced to work free for the first two to three months. This aroused a degree of irrationality among these newly inducted people and then used to fall into mal practices like theft, self destruction and or man handling of atms, false maintenance call generations to increase wages etc
4. This led to wide spread losses to Indian companies involved in the atm industry and or were gradually shutdown.
5. The banks were literally spending around rs 1,50,000/- approx per month in every aspect of an atm site. However the atm companies suffered huge losses during the economic slow down. A survey showed that a state head on off role in major us giants in India were mere appointed at 12000 basic with aggregate salary going to 24000 to 28000 inr roughly but with defunct and mal practices without any notice to higher authority within the organization.
6. Then came the dummest parts of the survey which indeed shocked the industry very badly. Many manufacturers were practising low monthly rates from banks but via medium of revenues were found out viz, a screen touch monitor in replacement (new) costed banks rs 65,000/- with glass shield but Chinese variants were coming in cheap at 45000/- inr. The excess amount was used to capitalise the losses. But this measure depleted the bags and cash at bank for the Indian sub-vendors/contractors purely gaining these bread and butter from vendors/manufacturers/main-contractors. They (sub vendors) started taking contracts as low as 3300/- inr per atm per month with 15 cash loadings free of cost.
7. On a financial survey on point no 6 above it was found that actually these Indian companies were suffering huge losses at roughly 4500/ inr per atm site per month bare min. This was basically due to the fact that these sub vendors had to actually imply services more than the amount they received and the average per atm site revenue was actually half of what was required.
8. Banks were also on the negative side forced to withdraw a no of atms due to high maintenance ratio. But in the process of closure of certain atms each banks had to suffer losses worth rs 8 lacs per site (amounting in 1000s of cores annually).
9. Apart from monthly maintenance and database management outsourcing banks faced yet another mammoth financial crisis for implementing new atm sites. For each site aggregately costs a bank/bank branch nearly 6-8 lac inr worth of capital investment.
10. On considering the fact in para 9 above, this was understood that developing an atm site was purely in leisure of major banks only. In India today hardly any Urban cooperative bank does have an atm facility restricted to name a few viz Saraswat bank, Sardesai Vitthal bank and the semi like only in some parts of Maharashtra. On enquiring the same status with other cooperative banks in the northern region, banks like UP State Cooperative Bank ******bad, Indian Mercantile Bank Lucknow, Chandigarh Cooperative Bank UT Chandigarh etc., said that “how can we deploy atms when participation of the public at large is hardly available to fullfill even salaries at some time” said one of the babuji’s at ******bad. To add to the woes he stated further “log kahten hain Bank agar sarkari hai to ATM kyon nahi hai- BANK BHAG GAYI TO PAISA DOOB GAYEGA” was the words of a lady from semi urban area in ******bad. When enquired in most of the villages in uttar Pradesh and Bihar and that to with Block Development Councellors and Gram Pradhan, the most shocking new for the atm industry is as follows and we politely quote them- ‘ Bhaiya hum to ek hi bank jante hain who hai SBI, han thoda bahut suna hai ki shahron main kai bank hai par wo fraud hain. Baki Mahindra walon ki bank hai to bahut achchi hai par company agar band ho gai to bank bhi band ho jayega, phir to hamari pradhani bhi chali jayegi?”.
11. woohsh?
!!! This remark then turned our MD’s mind into education public at mass just like NIIT did for computers some 14 years back.
12. Step planned were as follows-
a. Formulate a course for public at mass affordable by common man in a manner competitive enough to create a bench mark for a skill set for young people to work in.
b. Place them and try out their skills on site.
c. Prepare a unique certification method tailor made right from Front line Maintenance personnel to executive lower level administration
d. Prepare a project to deploy atms in rural and semi-urban areas with public participation in all low equipped/low income or like wise banks both scheduled or non scheduled.
e. Open up a self based Urban and Rural Primary Credit cooperative Society later convertible to bank via sanction from RBI as per New Delhi CO-operative society act 1972 and RBI’s Banking regulation act 1949 (aacs).
f. Create a mutual fund specially for the joint venturing existing atm companies for increasing capital and or working capital from share market at large
g. Create a special fund via public deposits thru the said urban cooperative bank in prescribed manner by RBI in orderly fashion.
h. To create special structure of deploying atms without banks bearing the burden of investing 8 lac rs per site and much more.
