In March 2019 around 50% ATM will be Shut down in India

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In March 2019 around 50% ATM will be Shut down in India

India is growing market with the help of “Digital India” concept. Banking Sector supports overall Indian peoples to transact with more digitally equipment’s. Just like Online transactions, ATM’s, Mobile banking and much more.
In the banking sector the reporter says that in march 2019 around 50% ATM’s will be shut down for the unavailability of operations, which hits both urban and rural population, dealing a blow of digitization policy, the report from ATM Industry warned Wednesday.
Currently, India has approximately 2,38,000 ATMs installed in different areas, of which around 1,13,000 ATMs, including 1,00,000 off-site and more than 15,000 white label ATMs, are expected to down shutters, said CATMi Director V Balasubramanian.
“However, the RBI head directives are to be implemented by the banks which must bear the costs, but they are not willing to discuss the issue. Accordingly, from January onwards, we shall progressively start shutting down the ATMs,” he said. That’s while Financial stability depends on the market situation of fund balance in the Banks.
Approximately 2,38,000 ATMs in the country, an average 10 per cent are non-functional at any given point of time for various reasons. That’s matters the ATM’s not satisfied with deals of urban and rural peoples to perform any transactions.
However, in the entire country overall three-four times more ATM’s required to acquire huge areas under the banking sector to perform cashless transactions. Mostly ATM’s have available in urban or semi urban areas like around 80% count of the ATM’s.
Major industry players say that the metros and urban centres, people in states like Uttar Pradesh, Maharashtra, Bihar, West Bengal, Madhya Pradesh, Punjab, Karnataka and others have to travel 40 km or more to access an ATM. This shows no longer availability of ATM machine in most of the areas.
As per official data, nearly 30 per cent of bank account holders in the country regularly use their ATM cards than others prefer cash transactions. India has among the lowest ATM access globally, averaging 8.9 ATMs per 1,00,000 populations, compared to Brazil’s 119.6, Thailand’s 78, South Africa’s 60 and Malaysia’s 56.4.