State Bank of India (SBI), country’s largest public sector lender is reportedly escalating its point-of-sale (PoS) terminals network. The PoS machines are being acquired to encourage electronic transactions and get a largest share of the merchant acquisition business. The bank is planning to install 1.25 lakh such PoS machines over the next one and half year across both merchant establishments as well as some of its own branches.
For the year ended March 31, 2013, the bank’s net profit surged by 20.48% at Rs 14104.98 crore as compared to Rs 11707.29 crore for the year ended March 31, 2012. Bank’s total Income has increased by 12.26% to Rs 135691.94 crore for the year under review from Rs 120872.90 crore for the previous fiscal.
