Axis Bank launches 'Everywhere Teller Machine'

Company Brief

New Delhi, February 15, 2011

Axis Bank, India's third largest private bank today announced the launch of their 'Everywhere Teller Machine (ETM) service in India at Vijaywada, Andhra Pradesh. Debit Card holders in Vijaywada, using this service, can now withdraw upto Rs. 1,000 in cash per day from a Point-Of-Sale (POS) terminal at select merchant outlets.

Axis Bank, the largest acquirer in the country, has over 180,000 POS terminals deployed across India. In the first phase of roll-out, Axis Bank has tied-up with 120 merchants to offer this facility and plans to tie-up with 500 merchants across Andhra Pradesh by the end of March 2011.

The bank plans to roll out this service in Maharashtra, Tamil Nadu, Karnataka, Kerala, and Gujarat in this fiscal and expects to cover all states by the end of next fiscal year.

Mr. M.V. Subramanian, President - Business Banking, Axis Bank said "The ETM service is in line with our endeavor of introducing new and innovative products to our customers. As of now the facility of cash withdrawal using plastic cards is available only at Automatic Teller Machine (ATMs) and certain EDC terminals installed at financial institutions exclusively for cash withdrawal. ETM's will ease the process of withdrawing cash for the customers when an ATM facility is not available nearby".

"The ability to offer cash has been welcomed by merchants as the facility promises greater customer footfalls at their outlets, which may in turn translate into possibilities of higher turnover" he further added.

The ETM service will initially be available at Axis Bank EDC Machines installed at select merchant outlets. All customers holding a debit card issued in India, as per Reserve Bank guidelines can avail this service for which they would be charged up to Rs.10 per transaction.

For further information, please contact:

Index PR

Lalit Pandey

Mobile: +919818806924

Email: delhi@indexpr.com