In a bid to ramp up its merchant acquiring business (MAB), State Bank of India (SBI) is reportedly planning to form a joint venture company. The bank has set an ambitious target of scaling up its point-of-sale (PoS) terminal network from over 5.50 lakh now to 10 lakh in the next two-three years.
The big push by banks to expand MAB is underscored by the fact they collectively added 6,30,179 PoS terminals in the 10 months to January 2017. Bulk of the PoS terminal additions - 4,25,133 - happened after demonetisation of Rs 500 and Rs 1,000 bank notes was announced on November 8, 2016.
SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc.