Sarvatra Tech wants $20 million for micro ATMs

PUNE: Sarvatra Technologies, which provides technology services to rural banks, is aiming to expand nationally with its micro ATM network and is in talks to raise $20 million (Rs 142 crore) to fund the expansion. So far, Pune based Sarvatra has installed 100 micro ATMs at the branches of rural cooperative banks.

It aims to take this to 1,000 by March this year. Micro ATMs are handheld devices which have most of the capabilities of a regular ATM, except that these are manned units, by a merchant, cashier or a field staff.

Sarvatra plans to offer such ATMs at district and taluka levels. While these micro ATMs are currently operated by the banks under their name, Mandar Agashe, vice-chairman of Sarvatra, said the company was also setting up such machines under its own brand, Sarvatra Mini ATM.