India Money Top Today

Half of existing ATMs likely to shut by March 2019

Nearly half of country’s approx 2.38 lakh ATMs face closure this fiscal, after service providers find the running of these outlets nonviable.

Most of the ATMs considered for pull-back are non-urban.

If it happens financial inclusion programme of millions of beneficiaries under govt’s Pradhan Mantri Jan Dhan Yojana (PMJDY) will be affected. Also long ques at banks will once again return as norm.

Also thousands of job that ride on the facility will now be lost with the move.

The Confederation of ATM Industry (CATMI) said the decision for closure comes following recent regulatory guideline for ATMs hardware and software upgrades, recent mandates on cash management standards and the Cassette Swap method of loading cash.

The revenues from ATM services are not growing at all due to very low ATM interchange and ever-increasing costs, it said, adding that unless banks compensate ATM deployers, the scenario could get still worse.

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