The government said on Wedneday State Bank of India [Get Quote] is expected to hire 500 ATMs from external agencies to reduce capital expenditure and improve capital service.

It would be done on a pilot basis to reduce capital expenditure in setting up ATMs and to improve availability of ATMs to customers, minister of state for finance P K Bansal said in written reply in Lok Sabha.

Besides, it will improve the quality of customer service, he said.

The process of site identification for installation of ATMs has begun, he added.

As per the information available on the website of the bank, SBI has over 8,500 ATMs in India, the largest network in the country.

In reply to another question, Bansal said there is no recession in the economy. However, in the wake of the global financial crisis, the government with a view to safeguard the growth process has announced fiscal stimulus measures on December 7.

He said there is 'no fiscal crisis or destabilisation of markets in India'.

Regarding problems faced by investors while putting money in the initial public offer, Bansal said that some of the problems and risk identified are related to disclosures in offer documents, non-receipt of shares after allotment, delayed receipt of refunds, non-receipts of refunds etc.