Rlys, SBI to sign MoU on ATM soon

New Delhi, July 26 | Updated: Jul 27 2006, 05:30am hrs
After over a month of negotiations, railway ministry and State Bank of India (SBI) have decided to set up automatic teller machines (ATMs) at 681 railway stations across the country.

A memorandum of understanding (MoU) to this effect will be signed soon, permitting SBI to set up ATMs for a period of five years. Railways is set to earn Rs 10.5 crore annually from the deal. SBI will also set up ticketing kiosks at stations. Passengers will be able to buy tickets from the ATMs, which will act as a vending machine.

According to sources, the ministry has agreed to back down from its demand that SBI transfer the cash collected at stations through sale of tickets and other activities to the railway treasury. This had been the bone of contention between the two parties, resulting in the delay in signing of the agreement.