Shocking: 1.13 Lakh ATMs Shutting Down Next Year

November 22, 2018 09:51
Shocking: 1.13 Lakh ATMs Shutting Down Next Year

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Shocking: 1.13 Lakh ATMs Shutting Down Next Year:- Automated teller machine (ATM) service providers threatened to shut down almost 1.13 lakh ATMs by 2019 as most of them across the country due to unviability of operations. The numbers include 1 lakh off-site ATMs and 15,000 white label ATMs. 2.38 lakh ATMs are operative across the country currently as per the figures. This forced closure comes with the recent regulatory guidelines for ATMs hardware and software upgrades along with loading cash and other management standards.

Most of them are not operative and turned useless because of which they will be shut down informed an industry official. The financial inclusion programme will be badly affected with this move. Millions of beneficiaries under the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme may find it tough as they withdraw subsidies through ATMs. With the shutdown of ATMs, thousands of people will turn unemployed. It has been noticed that the revenues from providing ATMs as service hasn't been growing.


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Tagged Under :
ATM  Indian Banks  Automated Teller Machine