Bank ATM cash crisis coming! Are you prepared?

Nov 22, 2018, 19:41 PM IST
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The Confederation of ATM industry (CATMi) issued a notification on Wednesday, stating that the numbers of ATMs across the country may be slashed by 50% by the end of the current financial year. CATMi's official said in a statement that around 1,30,000 ATM's will be shut down out of total of around 2,38,000 ATMs in the country.

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The bank ATM list which are soon going to be closed includes 1,00,000 off site ATMs and more than 15,000 plus White Label ATMs. (Image source: Reuters)

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The step will impact industries badly which will effect economy as well. However, ATMs name under the list are mostly located in non urban areas. (Image source: Reuters)

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It is said in a report that the maintenance cost of bank ATMs are getting higher, thus companies are unable bear expenses which results in closing of ATMs. (Image source: Reuters)

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If ATMs are not being closed then the cost of functionality of ATMs will be levied on the bank which will harm sustainability of banks. (Image source: Reuters)

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CATMi insisted that the new regulatory guidelines directed that certain upgradations be carried out in ATMs and that is why closing them is being discussed as a possibility. (Image source: Reuters)

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