Are Indian banks phasing out ATMs?
1 month, 2 weeks ago

Are Indian banks phasing out ATMs?

Firstpost  

Banks in India have shut down a number of ATMs and cash recyclers despite record cash circulation. Banks shutting ATMs amid high cash circulation The decline in the number of ATMs in India comes at a time when cash in circulation in the country is Rs 34.70 lakh crore, a whopping 100 per cent increase since the demonetisation. As per the ET report, the ATMs and cash recycler machine numbers are falling in India due to the increasing popularity of digital payments, specifically UPI and a strategic focus on digital transformation. 15 ATMs per 1 lakh people As per a 2022 RBI report, ATM penetration in India remains low with only 15 such machines available for 100,000 people Industry experts predict that India will soon be adopting a global model of two ATMs per branch, one on-site and one off-site, as banks continue to balance physical and digital infrastructure to meet growing needs of customers.

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History of this topic

Big ATM push by banks, 10,000 new ATMs to be installed, says report
11 months ago

Big ATM push by banks, 10,000 new ATMs to be installed, says report

Live Mint  

Banks are expected to witness a big ATM refresh ­cum­ addition cycle in the next 12-18 months, involving replacement of nearly 40,000 ageing ATMs, and expansion of network by about 10,000, as per industry estimates, reported Business Line. All scheduled banks collectively added 4,452 ATMs in FY23, with their network standing at 2,19,513 as at March­ end 2023, per RBI …

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