Mumbai, India – January 16, 2013
Mumbai, 16th January, 2013: Cash Management players in India today announced coming together to form the Cash Logistics Association (CLA), comprising entities that operate in ATM cash management, cash delivery and pick-up and inter branch, intercity bulk cash movement. The objective is to drive structured growth of India’s ATM infrastructure which is expected to grow from 1lac to 2 lac ATMs by 2015, while addressing key concerns relating to security of cash in transit.
CLA is an Industry initiative created to introduce global standards and best practices that can help catapult India to become one of the largest ATM markets in the world by 2015.
Mr R. Venkatesh – Chief Strategy Officer, CMS Info Systems, Mr Suneel Aiyer – CEO, Writer Safeguard and Col Sudarsana Rao – Head of Operations, ISS-SDB will be the Honorary President, Secretary and Treasurer respectively.
Mr. NSG Rao, former Director Incharge, National Clearing Cell, RBI with over two decades of experience in the Cash Management Industry, has been appointed as the Secretary General of the Association.
Shedding light on the foundation of CLA, Mr Rao said, “The Cash Logistics Companies provide employment to more than 40,000 people and handles over Rs. 15,000 crores of cash per day and is expected to grow at a CAGR of more than 30%. This combined with the expectations from the ATM segment has compounded a lot of operational and security challenges within the Industry. Hence, the leading players in the Industry, have taken the initiative to collectively work towards addressing some of these issues by sharing best practices that will shape the future of the Industry.”
He added “If appropriate standards are not introduced to address various threats adequately, it could have a serious impact on the security of public money. Hence, through CLA, we aim to work with the regulators and government authorities to introduce measures and technologies that can help improve the overall security posture of the Industry to accelerate its structured growth.”
Current members of CLA include companies like Brinks Arya India Pvt. Ltd, ISS-SDB Security Services Pvt. Ltd, SIS Cash Services Pvt. Ltd, CMS Securitas, Securitrans India Pvt. Ltd, Writer Safeguard Pvt. Ltd, and Scientific Security Management Services Pvt. Ltd.
Cash Logistics Association is an Industry alliance comprising entities that operate in ATM cash management, cash delivery and pick-up and inter branch, intercity bulk cash movement. The alliance aims to work with regulators and government authorities to find solutions on the operational issues faced by the Industry and accelerate structured growth of India’s ATM market.