ATMs run dry: With cash withdrawals at pre-demonetisation levels, is Modi's digitisation drive facing hurdle?
7 years, 11 months ago

ATMs run dry: With cash withdrawals at pre-demonetisation levels, is Modi's digitisation drive facing hurdle?

Firstpost  

Supply of cash from banks to ATMs has currently dropped to Rs 6 lakh from Rs 12 lakh per booth on an average before the note ban days. Data from National Payments Corporation of India shows that bank ATM withdrawals exceeded Rs 1 lakh crore last month, almost the same level seen in October 2016 but double the amount in December. In fact, digital transactions increased by about 23 times in March to nearly 64 lakh, with total value of Rs 2,425 crore, from last November when demonetisation took effect. “Volume of all digital transactions increased by about 23 times with 63,80,000 digital transactions for a value of Rs 2,425 crore in March 2017, compared to 2,80,000 digital transactions worth Rs 101 crore till November 2016,” NITI Aayog said in a statement last week.

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History of this topic

Thieves open ATM with gas cutter in Gujarat, loot Rs 18 lakh; search on
2 weeks, 3 days ago

Thieves open ATM with gas cutter in Gujarat, loot Rs 18 lakh; search on

India Today  

Five men allegedly looted an Automated-Teller Machine kiosk of State Bank of India in Gujarat's Surat by cutting it open with a gas-cutter and escaped with Rs 18,14,900 worth of cash, police said on Thursday. Police said that the five men arrived in a white hatchback and stopped outside the ATM kiosk located in front of a housing society named …

Why your ATMs may be running out of cash
2 weeks, 6 days ago

Why your ATMs may be running out of cash

Firstpost  

The collapse of service provider AGS Transact Technologies has caused thousands of ATMs across India to run short of cash. The company has been grappling with financial strain, leading to credit rating downgrades from agencies Crisil and India Ratings, and the resignation of all four of its independent directors over “personal reasons.” Moneycontrol quoted India Ratings as saying, “The liquidity …

The death of cash: Map reveals where the least money is withdrawn from ATMs - as average annual trips to cash machines falls to just 16
2 months ago

The death of cash: Map reveals where the least money is withdrawn from ATMs - as average annual trips to cash machines falls to just 16

Daily Mail  

People made 16 trips to cash machines on average last year, according to data from ATM and cash access network Link. Across the UK, people over the age of 16 made 915 million cash withdrawals last year - 60 million fewer or a 6.1 per cent reduction compared with 2023. Some £79.5billion was withdrawn from ATMs connected up to Link's …

TikTok ‘cash-stuffing’ budgeting trend contributes to resurgence in ATM use
2 months, 3 weeks ago

TikTok ‘cash-stuffing’ budgeting trend contributes to resurgence in ATM use

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Nationwide Building …

Are Indian banks phasing out ATMs?
4 months, 3 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 …

£235m expected to be withdrawn from ATMs as voters go to polls on Thursday
8 months, 4 weeks ago

£235m expected to be withdrawn from ATMs as voters go to polls on Thursday

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

ATM with ₹30 lakh cash uprooted and stolen amid fog in Agra
1 year, 2 months ago

ATM with ₹30 lakh cash uprooted and stolen amid fog in Agra

Hindustan Times  

An automated teller machine of the State Bank of India at Kagarol town in Uttar Pradesh’s Agra district was uprooted and taken away by thieves at about 3am on Monday amid dense fog in the area, police said. The incident happened at about 3am on Monday amid dense fog at Kagarol town in Uttar Pradesh’s Agra district. “It was an …

Nationwide Building Society ATM cash withdrawals rise for second year in a row
1 year, 2 months ago

Nationwide Building Society ATM cash withdrawals rise for second year in a row

The Independent  

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Banking customers withdrew £83bn from ATMs in 2022, says Link network
2 years, 2 months ago

Banking customers withdrew £83bn from ATMs in 2022, says Link network

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Banking customers collectively withdrew £83 billion from cash machines last …

Rs 2,000 note becomes rarity, small denominations take over
2 years, 10 months ago

Rs 2,000 note becomes rarity, small denominations take over

Deccan Chronicle  

HYDERABAD: Attribute it to increased use of digital transactions or sheer scarcity of currency notes, Automated Teller Machines in the city have no currency of Rs 2,000 denomination. Ronak Kumar Agarwal, a businessman in the city said, “In West Marredpally area, there are hardly any deposit machines working and the amount a person can withdraw one time is extremely low. …

Banks increasingly outsourcing ATMs
3 years, 4 months ago

Banks increasingly outsourcing ATMs

Deccan Chronicle  

Mumbai: Banks are passing on management of automatic teller machines to third parties as they focus on growing their businesses, according to cash management company CMS Info Systems. "Next five-six years may see increased outsourcing of managed services by banks and 80 to 85 per cent of ATMs will be managed by third parties as banks shed NPAs and focus …

Bank officials left confused after ATMs robbed with no sign of tampering in Chennai
3 years, 9 months ago

Bank officials left confused after ATMs robbed with no sign of tampering in Chennai

India Today  

The Greater Chennai Police received multiple complaints that ATMs of State Bank of India were robbed at Velachery, Tharamani, Valasaravakkam and Ramapuram in Chennai. However, the ATMs showed no signs of tampering and no robbery alerts were raised, leaving bank officials and the police confused. The complaints were made when bank officials, during a routine tally, discovered that the cash …

Fraudsters find new ways to withdraw money from ATMs
3 years, 11 months ago

Fraudsters find new ways to withdraw money from ATMs

India TV News  

In view of increasing incidents of Man in the Middle attacks on ATMs, all banks have been asked to enhance their safety norms for ATMs through end-to-end encryption in the network, officials said. Investigations by security agencies have found that cyber fraud gangs have started adopting a new modus operandi to withdraw money from ATMs, a security official aware of …

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline
4 years, 5 months ago

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline

The Telegraph  

Cash usage has nearly halved in three years, ATM data has shown, amid fears coronavirus has accelerated the “permanent” decline in notes and coins. Millions of people still rely on cash for their day-to-day spending, experts said while a charity warned the UK is “hurtling towards a cashless society”. Gareth Shaw, from consumer group Which?, said: “While digital payments have …

SBI Extends OTP-Based ATM Withdrawal Throughout the Day
4 years, 6 months ago

SBI Extends OTP-Based ATM Withdrawal Throughout the Day

The Quint  

To reinforce ATM security system, lending major State Bank of India on Tuesday, 15 September, has extended its OTP-based cash withdrawal for Rs 10,000 and above throughout the day. OTP-based cash withdrawal for Rs 10,000 can now be carried out throughout the day across all SBI ATMs in the country starting 18 September. "For withdrawing Rs 10,000 and above, SBI …

ATMs starts dispensing more of ₹500 instead of ₹2,000
5 years, 1 month ago

ATMs starts dispensing more of ₹500 instead of ₹2,000

The Hindu  

Banks have started dispensing more of ₹500 notes instead of ₹2,000 denomination notes, a move seen as gradual phasing out of the high denomination currency. The Reserve Bank of India in an RTI response last year had said that the central bank had stopped printing ₹2,000 denomination currency notes. Although there has been no dictate from the Finance Ministry, banks …

Robbers flee with ATM carrying nearly Rs 3 lakh
5 years, 3 months ago

Robbers flee with ATM carrying nearly Rs 3 lakh

India TV News  

An automated teller machine of a public sector bank, containing Rs 2.83 lakh cash, was allegedly stolen by unidentified persons from Patansaongi village in the district, police said on Saturday. The incident took place in the wee hours of Friday at the ATM kiosk of Indian Overseas Bank, police said. "The gang members disconnected the ATM system from the bank's …

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out
5 years, 3 months ago

Bank ATM cash withdrawal: RBI announces new guidelines on ATM transactions. Check out

India TV News  

Bank ATM Transaction: In a move to put a curb on the increase in fraud in ATM cash withdrawals and ensure its safety, the Reserve Bank of India on Thursday announced new guidelines on ATM transactions. In its bi-monthly “Statement on Developmental and Regulatory Policies”, the central bank noted that several banks and other regulated entities depend on third-party application …

Digital economy: Love of cash hinders govt's objectives; currency in circulation rises 17% to Rs 21 lakh cr post-demonetisation
5 years, 4 months ago

Digital economy: Love of cash hinders govt's objectives; currency in circulation rises 17% to Rs 21 lakh cr post-demonetisation

Firstpost  

The demonetisation got rid of old 500 and 1,000 rupee banknotes and Modi said that would boost the country’s digital economy, unearth unaccounted wealth and reduce the use of cash. Satara, Maharashtra: India’s dependency on cash may slow the country’s transition to digital payments despite large numbers of internet and mobile phone users. Prime Minister Narendra Modi backed a shock …

Demonetization 3rd anniversary: How digital payments picked up post note ban
5 years, 4 months ago

Demonetization 3rd anniversary: How digital payments picked up post note ban

Live Mint  

The National Democratic Alliance government’s massive currency culling exercise three years ago has brought India’s payments system at an inflection point, where cash transactions continue to dominate. In a country which was primarily cash dependent, the pre-demonetisation period witnessed slow adoption of digital payments,” said Sampad Swain, chief executive officer and co-founder of payment gateway firm Instamojo. Similarly, fund transfer …

Three years since demonetisation, cash is back
5 years, 4 months ago

Three years since demonetisation, cash is back

The Hindu  

Three years since demonetisation, the level of cash with the public has grown faster than the GDP growth of the country, even as digital payments — especially those on the Unified Payments Interface platform — have seen robust growth. Demonetisation: a year later According to the RBI’s annual report, the number of UPI payments in 2018-19, at 535 crore, for …

ATM users beware: Canara Bank issues advisory after attempted fraud
5 years, 7 months ago

ATM users beware: Canara Bank issues advisory after attempted fraud

Live Mint  

Over the last few days, a video of a cautious user who spotted a device to read debit card data at a Canara Bank ATM in New Delhi is being circulated widely. In order to safeguard their customers against risk while using debit cards for cash withdrawals at ATMs, Canara Bank has also launched India's first OTP facility for ATM …

Good news for debit card, credit card bank ATM users! RBI says don't pay, if this happens
5 years, 7 months ago

Good news for debit card, credit card bank ATM users! RBI says don't pay, if this happens

India TV News  

Debit card, credit card user' alert: If you are a Debit card or Credit card user and go to bank ATMs for cash withdrawal then there is good news for you from Reserve Bank of India. According to reports, RBI has clarified that due to any technical reason----be it hardware or software or wrong PIN entry or communication issue or …

How a surge of ram raids on ATMs is fuelling the race to axe cash
5 years, 8 months ago

How a surge of ram raids on ATMs is fuelling the race to axe cash

Daily Mail  

Ram raiders attacking cash machines is a growing crime for vulnerable communities – and speeding up the race towards a cashless society. Devastated: CCTV footage shows a digger set to load an ATM into a pick-up after ram raiding a store in Newport, Essex – leaving wreckage strewn across the street But when a community loses its cash machine, customers …

India records decline of 597 ATMs this year; cash withdrawal ratio falls to lowest: RBI report
5 years, 9 months ago

India records decline of 597 ATMs this year; cash withdrawal ratio falls to lowest: RBI report

India TV News  

The number of ATMs in India dropped to 2,21,703 as on March 31, 2019 from 2,22,300 at the end of 2017, recording a decrease of 597 ATMs during the period, according to a report released by the Reserve Bank of India. India also has one of the lowest ratios of ATM cash withdrawal relative to cash in circulation, revealed the …

Opinion | The slow suffocation of ATMs in the country
5 years, 10 months ago

Opinion | The slow suffocation of ATMs in the country

Live Mint  

Human memory is short, but a small trigger can revive painful episodes. According to the Reserve Bank of India, the number of ATMs across the country has shrunk over the past two years despite rising transactions done on these machines. A Bloomberg report published on Thursday in Mint refers to an International Monetary Fund chart for 2017 which shows that …

Why number of ATMs is going down in India?
5 years, 10 months ago

Why number of ATMs is going down in India?

Live Mint  

Finding an ATM in India is getting tougher even as dependence on cash persists, thanks to tighter regulations that make it more costly to run the machines. The number of automated teller machines in the country shrank in the past two years despite an increase in transactions, Reserve Bank of India figures showed Saturday. That risks undermining Prime Minister Narendra …

Cash is still king for Indians: Study
6 years, 3 months ago

Cash is still king for Indians: Study

Live Mint  

New Delhi: Cash usage by people of the country went up by around 10% over the last two years starting from October 2016, a study conducted by CMS Info Systems, India’s largest cash management company, said. Cash usage recorded on the CMS cash index was as low as 46 in December 2016, which went up to 117 in October 2018. …

Regulatory changes make ATM operations unviable; half of 2.38 lakh machines in India likely to be closed down by March 2019
6 years, 4 months ago

Regulatory changes make ATM operations unviable; half of 2.38 lakh machines in India likely to be closed down by March 2019

Firstpost  

Closure of the ATMs will impact thousands of jobs and also the the financial inclusion efforts of the government, the industry body said in a statement. Mumbai: Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of …

No ‘less cash’ two years post note ban
6 years, 4 months ago

No ‘less cash’ two years post note ban

The Hindu  

Thursday, November 8, marks the second anniversary of the demonetisation exercise. According to Reserve Bank of India data, currency in circulation rose to ₹19.6 lakh crore as on October 26, 2018, a 9.5% growth from two years ago. Money trail Currency in circulation increased to ₹19.6 lakh crore as on Oct. 26, 2018, from ₹17.9 lakh crore on Nov.4, 2016 …

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash
6 years, 5 months ago

SBI halves daily ATM withdrawal to Rs 20,000: The bank has done the right thing; the move will discourage use of cash

Firstpost  

Banks in India must dismantle ATMs and simultaneously install more and more swiping machines for their trade customers. State Bank of India has done well to limit cash withdrawals per day by its classic and maestro cardholders to Rs 20,000 from today from the hitherto generous limit of Rs 40,000 ). Indian Overseas Bank, for example, allows on its classic …

Cash transactions up after demonetisation but India’s ATM network far from adequate
6 years, 5 months ago

Cash transactions up after demonetisation but India’s ATM network far from adequate

Live Mint  

Although demonetisation seemed to put a dampener on India’s cash economy, data shows that it might not have been a lasting impact. The TCPSL report said that India witnessed significant growth in the volume of cash transactions even after demonetisation. The TCPSL report states that even though India’s urban population has adapted to digital payments and transactions, the country’s vast …

Know why SBI reduced ATM withdrawal limit to Rs 20,000
6 years, 5 months ago

Know why SBI reduced ATM withdrawal limit to Rs 20,000

India Today  

With an aim to reduce the rising number of ATM fraud cases and give a boost to digital transactions, the State Bank of India halved the daily ATM withdrawal limit from Rs 40,000 to Rs 20,000. "In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless …

After demonetization, people have been withdrawing larger amounts from ATMs
6 years, 11 months ago

After demonetization, people have been withdrawing larger amounts from ATMs

Live Mint  

Has there been too much withdrawn from automated teller machines? In fact, going by figure 1, it is likely to take a long time for the number of withdrawals from ATMs to hit pre-demonetization levels. In fact, as figure 2 shows, as soon as cash was widely available following demonetization, the average ATM withdrawal amount became higher than in the …

Dry ATMs: Why the banks are getting the runs
6 years, 11 months ago

Dry ATMs: Why the banks are getting the runs

Deccan Chronicle  

Automated teller machines in various parts of the country are running dry; and the situation is particularly hard in Telangana and Andhra Pradesh, which border Karnataka, the land of big bucks elections. It never really went away, but property transactions and political and bureaucratic corruption that are “cash intensive” affairs somewhat slowed down. In its annual report of March 2016, …

Reports of ‘crunch’ lead to queues outside ATMs
6 years, 11 months ago

Reports of ‘crunch’ lead to queues outside ATMs

The Hindu  

As reports of cash crunch at ATMs continued on Wednesday, several people across the Capital were seen lining up outside kiosks to avoid “issues faced during demonetisation”. ‘Like demonetisation’ “This sudden cash crunch has caused a lot of inconvenience to all of us, especially the elderly. While bank officials denied “shortage of cash at ATMs”, city residents in certain areas …

Cash is still king: On ATMs running dry
6 years, 11 months ago

Cash is still king: On ATMs running dry

The Hindu  

Nearly 18 months after the government’s decision to scrap currency notes of ₹500 and ₹1,000, which accounted for over 86% of the currency in circulation at the time, large parts of India are in the throes of a severe cash crunch again. Theories abound on how upcoming elections, starting with Karnataka and possibly ending with the Lok Sabha polls in …

ATM cash withdrawals rose sharply in Oct-Mar period: SBI
6 years, 11 months ago

ATM cash withdrawals rose sharply in Oct-Mar period: SBI

Live Mint  

Mumbai: More than a year after remonetization, demand for cash has sharply gone up as seen in a spike in cash withdrawals from ATMs, resulting in cash crunch across some states, the State Bank of India said in a research report on Wednesday. The report, citing data from the Reserve Bank of India, showed that ATM cash withdrawals increased by …

'Cash availability at ATMs improving', banks rebuff claims of 'crisis'
6 years, 11 months ago

'Cash availability at ATMs improving', banks rebuff claims of 'crisis'

India TV News  

India's largest lender SBI said today that cash availability at its ATMs has increased in the past 24 hours following reports of currency shortages and ATMs running dry from different parts of the country. Several other lenders, including PNB, Canara Bank and Axis Bank claimed that cash shortage at ATMs was limited to select pockets. When asked about its ATMs, …

ATMs go dry across nation; govt says no currency shortage; RBI cites logistical issues
6 years, 11 months ago

ATMs go dry across nation; govt says no currency shortage; RBI cites logistical issues

India TV News  

Unusual spurt in demand for currency led to many ATMs and banks running out of cash in Uttar Pradesh, Madhya Pradesh, poll-bound Karnataka and some other states even as the government and the RBI assured the public that there was no currency shortage. Amid reports of currency shortages, the government said printing of Rs 500 denomination notes would be increased …

ATMs run dry: Lessons learnt from demonetisation seem to be forgotten as cash becomes king again
6 years, 11 months ago

ATMs run dry: Lessons learnt from demonetisation seem to be forgotten as cash becomes king again

Firstpost  

People fear that cash is safer at home than in banks and this is further fueled by the string of scams and frauds that have hit banks There could be just two explanations for the shortage of cash in Indian ATMs. Some officials have suggested that ATMs in some states have become dry because of an imbalance in supply, implying …

Government attempts damage control as ATMs run dry
6 years, 11 months ago

Government attempts damage control as ATMs run dry

The Hindu  

Amidst reports of a cash crunch from different parts of the country, Union Finance Minister Arun Jaitley said the government was “tackling the issue quickly” to overcome a “temporary shortage” caused by a sudden spurt in demand. Appealing to citizens not to panic, the Finance Ministry said, “We continue to have in stock adequate currency notes of all denominations, including …

Cash crunch: Govt goes into firefighting mode as ATMs run dry across country, Opposition dubs it 'financial emergency'
6 years, 11 months ago

Cash crunch: Govt goes into firefighting mode as ATMs run dry across country, Opposition dubs it 'financial emergency'

India TV News  

The government machinery went into firefighting mode on Tuesday with reports of ATMs running dry across the country. States like Telangana, Bihar, Karnataka, Madhya Pradesh, Andhra Pradesh and others reported shortage of currency notes forcing Finance Minister Arun Jaitley to issue a statement quelling fears of post-demonetisation-like situation. In his Lok Sabha constituency Amethi, Rahul Gandhi said the "terror of …

Banks stingy with cash, says ATM industry
6 years, 11 months ago

Banks stingy with cash, says ATM industry

The Hindu  

Members of the automated teller machine industry have blamed banks for not supplying adequate cash which has resulted in the acute shortage of cash in several parts of the country this month. “Things were fine till March, in terms of ATM transactions, but last few days we are having serious problem with cash,” said V. Balasubramanian, a spokesperson for the …

No cash in ATMs: Government to up printing of Rs 500 notes to tackle crunch
6 years, 11 months ago

No cash in ATMs: Government to up printing of Rs 500 notes to tackle crunch

India TV News  

To meet the "unusual" currency demand in the country, the government has decided to increase printing of Rs 500 notes by five times, Economic Affairs Secretary Subhash Chandra Garg said here on Tuesday. "Very soon, in the next couple of days, we will have a supply of about Rs 2,500 crore worth of Rs 500 notes per day. Asked whether …

‘Temporary problem’ to ‘no cash crunch’: How govt responded to empty ATMs reports
6 years, 11 months ago

‘Temporary problem’ to ‘no cash crunch’: How govt responded to empty ATMs reports

Hindustan Times  

The government on Tuesday sought to explain the reason for cash shortage in parts of the country, with the finance minister calling the problem “temporary” and a senior bureaucrat saying there is no shortage. We keep Rs 2.5-3 lakh crore more currency in stock for excess demand,” IANS quoted S C Garg, economic affairs secretary, as saying. Finance Minister Arun …

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch
6 years, 11 months ago

ATMs go dry nationwide: Why the biggest cash hoarders - political parties and RBI - owe answers for crunch

Firstpost  

The Reserve Bank of India will do well taking a closer look at the backyards of cash hoarders, and its own, when it attempts to determine the exact reasons for a sudden, nationwide cash crunch despite printing enough currency. Second, the RBI’s withdrawal of Rs 2,000 notes from the system spawned the cash shortage. Now, taking the difference of the …

ATMs running out of cash remind me of demonetisation days: Mamata Banerjee
6 years, 11 months ago

ATMs running out of cash remind me of demonetisation days: Mamata Banerjee

India TV News  

Amid reports of ATMs running dry in several states, West Bengal Chief Minister Mamata Banerjee on Tuesday said it reminds her of the demonetisation days. "Seeing reports of ATMs running out of cash in several states. However, Union Finance Minister Arun Jaitley on Tuesday said the government has reviewed the situation and "there is more than adequate currency in circulation". …

Soon, you will get new Rs 200 notes in ATMs as RBI asks banks to recalibrate cash machines
7 years, 2 months ago

Soon, you will get new Rs 200 notes in ATMs as RBI asks banks to recalibrate cash machines

Firstpost  

The sole purpose of supplying Rs 200 notes through ATMs is to ensure more number of lower denomination currency in citizens’ hands There is good news for citizens who prefer to withdraw money in small amounts and that too from automated teller machines. The Reserve Bank of India has asked banks across the country to supply newly-introduced Rs 200 through …

Rajahmundry: Bank ATMs' erratic ways raise concern
7 years, 3 months ago

Rajahmundry: Bank ATMs' erratic ways raise concern

Deccan Chronicle  

Rajahmundry: There seems to be no relief for people wanting to withdraw cash from automated teller machines. At another ATM of a private bank, the machine was displaying the word 'processing' continuously when the customer wanted to withdraw cash and he had to stop it after waiting for a long time. The bank officials advised customers who intend to deposit …

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