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It was a proud moment indeed for all EPSians when the country's largest bank State Bank of India (SBI), recognised EPS as one among the best Service Providers in India. We specially thank our Hon'ble Chief Guests Mr. Jambunathan Narayanan, Deputy Managing Director & Chief Information Officer – State Bank of India and Mr. Virendra Sinha, Deputy General Manager ATM - State Bank of India and Mr. V. Sridar, Board Advisor - EPS for gracing us with their presence on the occasion of the Grand Opening of our Managed Services Center on July 14, 2014. EPS is proud of its members who worked tirelessly to make this event a successful one. A special mention to our EPSians Manohar Bhoi, Thyagarajan Seshadri, Francis Souza, Richard Canday, Pradnya Loke, Ajit Nair and the administration team for your commendable efforts and dedication. Last but not least, we thank our partners Secure Source Technologies and Exponentia Data Labs for making it a professional and significant visit for the chief guests and meeting the expectations of the SBI team. We wish our valued clients, stakeholders, investors, partners and employees every success and look forward to your continued support and patronage in the coming years. Mr. Mani Mamallan Founder, Chairman & Managing Director Electronic Payment & Services (P) Ltd. From the Chairman's Desk From the Chairman’s Desk The Ugly Truth Promoter's Testimonial Milestones of EPS EPS Gives Back - Corporate Social Responsibility EPS tied up with the NGO, GOONJ to contribute to the rescue operation in Odisha which was devastated due to cyclone PHAILIN. EPS distributed blankets and towels to the leprosy patients who are looked after by Jeevan Mukta Ashram at Asangaon. July 2014 Milestones of EPS Another milestone achieved was when EPS successfully deployed 4007 ATM's in 712 days across the state of Maharashtra, India. December 2013 July 2013 March 2013 EPS secured INR 33 crores funding from Asia Participation B.V, a wholly owned subsidiary of FMO. The Aavishkaar Group aims to harness the entrepreneurial spirit at the bottom of the pyramid to create inclusive economic development in India and once again invested INR 33 Crores in EPS. st EPS stood 1 among all vendors in single-cluster overall deployment of ATMs for the Ministry of Finance Project. Registered Office: Electronic Payment and Services (P) Ltd. 5th Floor, F Wing, Solaris-I, Saki Vihar Road, Andheri East, Mumbai - 400072 Phone: +91- 22 4022 2900 I Facsimile: +91- 22 4022 2910 Website: www.electronicpay.in Managed Services Centre - Grand Opening Ceremony EPS is blessed with reliable and efficient employees. We are well known for effective employee engagement levels and well-structured career opportunities. Empowerment, strong governance, transparency and healthy work ethics has enabled EPS achieve major milestones and phenomenal growth due to the dedication, devotion and commitment of over 150 energetic professional, who form the greatest asset of the organization. EPSians have a bright future as the key management team has successfully transformed team members into efficient team players and leaders, thereby contributing to the overall success of EPS. We look forward to strengthening industry ties by facilitating a sustainable and enjoyable long term relationship with our business partners and alliances. Mr. Sanjay Kapoor Founder and Promoter Electronic Payment & Services (P) Ltd. Promoter’s Testimonial With financial inclusion already a top priority of banks in India, the developing trend of White Label ATMs (WLA) and their usage was expected to increase substantially in urban, semi- urban and rural areas. Latest statistics indicate only 58.7% households in India are availing banking services. Recently, the government declared setting up of a credit guarantee fund to support its over `40,000 crore new Financial Inclusion Mission, which envisions to provide `5,000 overdraft facility to around 8 crore new account holders, which can be withdrawn through ATMs. Prime Minister Shri. Narendra Modi is anticipated to launch this mission on Independence Day. According to guidelines issued by RBI in February 2012, the interchange rate that card-issuing banks pay to another bank who's ATM the customer utilizes was `18 for withdrawal and `8 for balance enquiry and other services. This calculation made business sense to non-banking entities and RBI witnessed a swell in applications for WLA licenses under the Payment and Settlement Systems Act 2007. However, in August 2012, the interchange rates were slashed to `15 and `5, respectively. According to a private bank official, the finance ministry sought for the interchange rate to go even lower to `10 because it wanted to salvage government-owned banks that were paying enormous interchange amounts to private banks. However, since white-label ATMs were an endeavor of RBI, the central bank intervened and the rate was reserved at `15. RBI said that in comparison to the credit card, the higher interchange fee for debit cards in India doesn't make sense. , if you believe that banks and our government too, must realize that the Indian ATM industry without the means to support itself has no incentive to serve the public. Read on The Ugly Truth - ATM Interchange Rate in India 4007 ATM's 712 DAYS Vol. 01 Email: [email protected] Inaugurated by Hon'ble Chief Guest Shri. Jambunathan Narayanan (DMD & CIO - State Bank of India) on July , 2014 14 Article by Richard Canday . Published in . August 1, 2014 Banking Frontiers
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