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.
stEPS 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
712DAYS
Vol. 01
Email: [email protected]
Inaugurated by Hon'ble Chief Guest Shri. Jambunathan Narayanan (DMD & CIO - State Bank of India) on July , 201414
Article by Richard Canday . Published in . August 1, 2014Banking Frontiers