FM Nirmala Sitharaman inaugurated Sikkim’s 1st Solar powered ATM by Punjab National Bank

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Solar Powered ATM: In line with its comprehensive plan to reduce its carbon footprint, Punjab National Bank (PNB), nation’s leading public sector bank, introduced Sikkim’s first solar-powered mobile ATM in Gangtok.

The same was flagged off by Hon’ble Finance Minister Smt. Nirmala Sitharaman, at a ceremony this morning in the presence of Hon’ble CM Shri P.S. Golay; Secretary DFS, Shri Vivek Joshi and Chairman of NABARD, Shri Shaji K V along with PNB Zonal Head Durgapur, Shri Prabir Kumar Tah; Circle Head, NJP – Siliguri, Shri Pulin Kumar Patnaik and Advisor PNB, Shri Gauri Prosad Sarma.

Solar Powered ATM

The global solar powered ATM market size was valued at $1.27 billion in 2020, and is projected to reach $3.10 billion by 2030, growing at a CAGR of 9.7% from 2021 to 2030. Solar powered ATM is a machine in banking industry that recreates the banking services in areas with shortage of electricity. Solar ATM consists of components, which include solar plates, battery, and ATM machine. It works on the same mechanism where solar panel installed in the roof is connected to inverter, to machine, and then to battery for storing excess power. 

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State Bank of India (SBI)

In line with the Modi government’s push to reduce carbon footprints, India’s largest public sector bank i.e. State Bank of India said in 2018 that it plans to install solar panels on around 10,000 of its ATMs in the next two years. The bank also plans to replace its huge fleet of vehicles with electric ones across India by 2030. The bank has already installed solar panels on as many as 1,200 ATMs. The lender has also covered 150 of its buildings with rooftop solar panels and also plans to increase the number to 250 buildings by 2020.

The SBI has been focussing on installing solar-powered ATMs since 2008. It was the first bank in India to roll out solar-panel based ATMs in rural areas of the country in 2008. The next year, it ordered 300 solar ATMs from Chennai-based Vortex Engineering, and the number has now reached over 1,200. The solar panel ATMs are not only cost effective but easily scalable, transferable and adaptable as well.

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