HALF OF INDIA’s ATM MIGHT BE SHUT DOWN BY MARCH 2019. – cATMi
In our country there are over 2.38 lakhs ATM’s but its becoming unviable to operate all ATM’s so the concerned authority is thinking of cutting half of the ATM’s.
Its obvious that the closure of the ATM would mean 100s of jobs slashes as welll as and also the financial inclusion efforts of the government, the industry body said in a statement.
“Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs,” it said.
The authority added that the recent hardware and software upgrades coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure.
The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated.
“Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs,” it said.
TAKEN FROM : economictimes.indiatimes.com
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