This outstanding SBI ATM tender could be a game changer if it eventuated that Findi secured a part?
The State Bank of India (SBI) ATM Procurement Tender (Phase XVIII) for 11,000 ATMs (plus/minus 25% buffer) remains open but has been extended beyond the original deadline of July 30, 2024. Below are the updated details based on the document you provided:
Key Updates on SBI ATM Procurement Tender (Phase XVIII)
• Original Tender Release Date: June 24, 2024
• Original Bid Submission Deadline: July 30, 2024
• Extension: The evaluation process has been delayed, and the final award decision has not been made yet.
• Reverse Auction Date: Originally scheduled but has not been concluded; bidders qualifying technically will be notified of the new date.
• Indicative Price Bids: To be opened on a later date, only for technically qualified bidders.
• Final Contract Award Date: Pending final selection after the reverse auction process.
Scope of the Tender
• Total ATMs: 11,000 (with a potential increase or decrease of 25%, meaning up to 2,750 more ATMs could be included).
• Duration: 7 years, with an extension of up to 3 years at SBI’s discretion.
• Comprehensive Annual Maintenance Contract (AMC) included for all ATMs.
• Procurement Purpose: Replacement of old machines and new installations under SBI’s expansion plan.
Awarding of Contracts
• SBI will allocate the tender among up to three bidders (L1, L2, L3) based on:
• L1 (Lowest Bidder): 50% of the contract
• L2 (Next Lowest): 30% of the contract
• L3 (Third Lowest): 20% of the contract
If only two bidders qualify, SBI will allocate:
• L1 (Lowest Bidder): 60% of the contract
• L2 (Second Lowest): 40% of the contract
If only one bidder qualifies, SBI reserves the right to either award the full contract or re-tender.
Pending Status and Next Steps
• SBI has not yet finalized the contract as of February 26, 2025.
• A new timeline for the reverse auction will be announced for technically qualified bidders.
• If no additional qualified bidders emerge, SBI may modify the award structure.
Findi (ASX: FND) is now eligible to tender for SBI’s ATM procurement, as it has received full White Label ATM (WLA) licensing and payment switch approval from the Reserve Bank of India (RBI) in February 2025.
Reasons Findi Can Now Participate in the SBI ATM Tender
1. Full RBI Approval for White Label ATMs and Payment Switch
• Findi’s acquisition of Tata Indicash is now finalized, along with RBI’s approval for its WLA license.
• This means Findi can operate, manage, and expand its ATM network independently, making it a qualified bidder for new large-scale ATM deployments in India.
• SBI’s Phase XVIII tender (11,000 ATMs) includes procurement of both replacement and new ATMs, which aligns with Findi’s strategic expansion.
2. SBI’s Tender Process is Still Pending Final Decision
• The SBI RFP was issued on June 24, 2024, with the original bid submission deadline on July 30, 2024.
• However, the tender process has not yet been finalized, and SBI may still be considering additional bidders.
• If SBI extends the tender deadline or reopens bidding due to insufficient competition, Findi could enter the process immediately.
3. Findi Now Meets SBI’s Technical and Financial Criteria
• SBI’s RFP specifies that eligible bidders must:
1. Operate a significant ATM network in India → Findi now owns Tata Indicash, India’s largest White Label ATM network.
2. Have an RBI-approved payment switch → Findi has secured full approval for this.
3. Demonstrate successful ATM management services → Findi has extensive experience operating Brown Label and White Label ATMs.
4. Findi’s ATM Deployment Capabilities Are Competitive
• Findi, through TSI India, has a proven ability to rapidly deploy ATMs, which aligns with SBI’s requirement for quick installation.
• SBI’s tender requires ATMs to be installed and maintained for seven years with an option for a three-year extension. Findi’s existing contracts and infrastructure put it in a strong position to meet these demands.
How Findi Could Secure SBI’s ATM Tender
1. Submit an Expression of Interest (EOI)
• Even if the formal deadline has passed, Findi could engage with SBI procurement teams to indicate its eligibility and readiness.
• Given its strong WLA presence, Findi may be invited to bid if SBI reopens or extends the tender.
2. Partner with an ATM OEM for Faster Compliance
• SBI prefers vendors with direct OEM agreements for ATM supply (e.g., Diebold Nixdorf, NCR, TSI).
• Findi could leverage an OEM partnership to ensure supply chain efficiency and increase its chances of winning the contract.
3. Target Upcoming SBI ATM Contracts
• If SBI has already selected bidders for this tender, Findi should focus on the next SBI ATM procurement round, which could be announced in late 2025 or early 2026.
• Given its rapid expansion, Findi could also bid for other major bank ATM tenders, such as Bank of Baroda, Punjab National Bank, and HDFC Bank.
Conclusion
Findi is now fully eligible to bid for SBI’s 11,000 ATM procurement, thanks to its newly approved RBI White Label ATM and payment switch license. However, whether it can enter this specific tender depends on whether SBI extends or reopens the bidding process. If SBI has already awarded the contract, Findi should position itself for future tenders in 2025 and beyond.
‘Cheers Anton
(20min delay)