PM Modi optimistic about Dutch investments in Indian economy: Kusters Engineering

Kusters Engineering is one of 45 companies that have registered for the Vibrant Gujarat Global Summit in Gandhinagar.

Kusters India is engaged in the services and sales of currency resolution systems and banking automation products such as currency authentication and sorting machines, coin-operated machines, bundle strapping machines and bundle counting machines.

Speaking to ANI, Sumit Jain said, “He (PM Modi) was very optimistic about the Netherlands' commitment and investments in the Indian economy and he looked at the initiatives that Dutch companies are taking in India to help the government financially “To support inclusion until the last mile.”

“The machines we build are sold to commercial banks; They are sold to cooperative banks, cooperatives, agriculture, cooperatives and banking correspondent networks. We have around 200 engineers in India. There are 766 districts in India. We want to create jobs for engineers in every district of India. That is our plan for the future. Our plan is to have two technical branches to support the technology once the technologies are implemented and installed,” he added.

Kusters Engineering is exhibiting two machines at the trade fair.

Clarifying the details of the machines, Jain said, “Our machine is all about providing financial inclusion in rural India. This ATM basically works on two networks, one is the bank correspondent network through which you can transfer money through another through your mobile phone and you can also withdraw money through a micro ATM chip located along with your ATM or debit card .”

“It will also be very helpful to automate the operations of the primary agricultural credit societies, the operations of these agricultural credit societies are currently being automated and they require hardware and software to fully digitize their records and provide the service” delivery via vending machines Self-service kiosks like the ATMs you see behind me,” he added.

He further explained that through these machines one can open an account for the villager with the credit company.

“The other ATM we have here allows you to open your account, transact online and get your debit card issued online. Your eKYC can be done at the ATM and your statement password can be updated at the ATM itself. So what happens is that these are all supported by local voices in the vernacular. Even if you cannot manage the kiosk by reading, there are voice commands to help you identify and operate the machines,” he said.

Speaking at the Vibrant Gujarat Global Summit 2024, Netherlands Ambassador to India Marisa Gerards said, “We have 45 companies that have signed up for Vibrant Gujarat. These are companies that are already investing heavily in Gujarat, that are already doing a lot of business, but also companies that are still quite new. I think they want to strengthen their ties with India and invest more.”

“There will be a lot of business-to-business contacts. What I find interesting is that Gujarat is sometimes referred to as the gateway to India and I think the Netherlands is sometimes referred to as the gateway to Europe,” she added. (ANI)

This report is automatically generated by the ANI news service. ThePrint assumes no responsibility for the content.