My understanding of their main sources of revenues.They now...

My understanding of their main sources of revenues.

They now operate around 21,000 ATM :
- 8,000+ are Findi-owned and deployed mainly at SBI and CBI,
- 12,500+ where Findi is just an operator. Findi does not own these ATM.

In the first case (ATM owned), Findi is payed (by the major banks, which are their customers) by transaction.
They seem to be payed interchange fee per transaction.
In the second case, Findi just gets a management fee.

According to my estimates (based on CBI and SBI contracts and the number of transactions per day), I estimate that a very large part of their revenues comes from the 8,000 ATM owned by Findi.
So, as these revenues are directly linked to interchange fees, it confirms that any change in interchange fees will have a large effect on their earnings.