Reliance plans universal ATMs.

Byline: James Mathew

: The Ambanis may not have got a licence to set up a bank, but soon the Reliance group will have a banking connection.

Reliance Infocom, the convergence company under the group, is eyeing a foray into the fast-growing ATM business and has drawn plans to set up a countrywide ATM network and ATM back up operations for banks.

The proposed Reliance ATMs will function on a shared basis by various banks unlike the existing exclusive ATMs. This will enable customers of different banks to operate the same ATM for their online transactions, instead of them having to look around for their respective bank ATMs.

Reliance group is learnt to have hired a senior Citibank executive to head its ATM project, which is being billed as one of the major businesses Reliance Infocom will be heralding, after the telecom and data services.

According to banking sources, Reliance Infocom has already initiated talks with a large number of banks. Besides, the company is also in talks with the Indian Banking Association for managing the latter's 'Samadhan' project, a pilot venture initiated by it for running common ATMs for public sector banks.

It is also learnt to have sounded out major players like ICICI Bank, HDFC Bank, SBI and some of the foreign banks on its plans on ATM network. All these banks are currently on a massive expansion binge for their respective exclusive ATM network.