Cash transactions up after demonetisation but India’s ATM network far from adequate
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 rural population as a whole still prefers to transact in cash. This calls for a revamp, but there are several hurdles in the way, including slow ATM roll-out by banks due to feasibility challenges like high interchange rate and erratic cash flow at existing ATMs. The report goes on to study the distribution of ATMs by PSU banks and private banks, as well as white-label ATMs which are run by non-bank entities, and regulated by RBI, showing that WLAs drive cash accessibility especially in rural and semi-urban areas.
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