Victorian company GRG International Limited, through its 100 per cent owned Indian subsidiary GRG Banking Solutions Pty Ltd, has signed a Memorandum of Understanding (MoU) with the Madhya Pradesh Consultancy Organisation (MPCON) to supply ATMs and cash dispensers for eligible recipients to access payments using transaction cards that will also be issued by GRG.

 

Headquartered in Melbourne, Australia, GRG supplies and distributes GRG Banking ATMs and management software and additional banking products and services.

 

One of the key outcomes of the MOU will be a distribution system for payments made under India’s National Rural Employment Guarantee Act (MGNREGA).

 

The Act provides a legal guarantee for 100 days of employment each year to rural households in return for public work – introduced with the aim of improving the purchasing power of rural people.

 

The Indian Government supplies around US$30 billion to the States for the scheme. Due to a lack of adequate distribution systems the States return only approximately 60 per cent to the central government.

 

The GRG system will provide a solution to this problem.

 

Subject to final contracts GRG expects to deliver 5,000 ATMs, 25,000 point- of-sale terminals and four million cards, to be deployed over three years under a 10-year agreement.

 

Mr Jeff Barrow, Chairman and Managing Director of GRG International, said that within the next quarter GRG anticipated securing its biggest contract to date through this joint venture.

 

“This is large scale and GRG has the resources and technical know-how to implement this new efficient welfare system,” Mr Barrow said.

 

“This project will substantially improve the efficiencies of government welfare. Identification and payments systems and records will be transformed from archaic to world’s best practice,” Mr Barrow said.

 

“This agreement is expected to create 50 new jobs in Victoria and $500 million in Victorian exports over the next 10 years.

 

GRG International is in partnership with GRG Banking of Guangzhou, the largest ATM manufacturer in China. GRG International was founded to distribute GRG Banking products in English-speaking markets. GRG International has exclusive rights to distribute GRG ATMs in the US, Canada, Australia, United Kingdom and Ireland and non-exclusive rights to the Mexican, South African and Indian markets. GRG Banking has the world's largest dedicated R&D centre for ATM technology development.