Connect with us


50% ATMs in India may shut by March 2019



Mumbai, 21 November : Nearly 50 percent of Automated Teller Machines (ATMs) may be shut down by March 2019 due to unviability of operations, hitting hard both urban and rural population, and dealing a blow to the digitization policy, the Confederation of ATM Industry (CATMi) warned on Wednesday.

Currently, India has approximately 238,000 ATMs installed, of which around 113,000 ATMs, including 100,000 off-site and more than 15,000 white label ATMs, are expected to down shutters, said CATMi Director V. Balasubramanian.

“This would severely impact millions of beneficiaries under the Pradhan Mantri Jan Dhan Yojana who withdraw subsidies in form of cash through ATMs, besides urban centres, resulting in snaky queues and chaos akin to post-demonetisation,” Balasubramanian told IANS.

He said the CATMi step is forced on account of recent regulatory guidelines for ATMs hardware and software upgrades, recent mandates on cash management standards and the Cassette Swap method of loading cash, entailing huge investments by the industry.

Balasubramanian said to implement the Cassette Swap alone would need an additional outlay of Rs 3,500 crore for CATMi.

In April this year, the Reserve Bank of India (RBI) imposed stringent guidelines for ATMs service providers or their contractors followed by the Union Ministry of Home Affairs issuing similar directives vide gazette notification to be implemented by February 9.

These include a minimum net worth requirement of Rs 100 crore, minimum fleet size of 300 fully-equipped cash vans, two custodians and two armed guards plus a driver, GPS-CCTV, and later in June came the diktat for upgradation of the software from WindowXP to Window10.

“To implement all these security, software-hardware directive would entail an additional cost of minimum Rs 150,000 per ATM per month. This works out to astronomical figures for all the 238,000 ATMs in the country,” Balasubramanian pointed out.

“However, the RBI-MHA directives are to be implemented by the banks which must bear the costs, but they are not willing to discuss the issue, leaving us to fend for ourselves. Accordingly, from January onwards, we shall progressively start shutting down the ATMs,” he said.

Of the approximately 238,000 ATMs in the country, an average 10 percent are non-functional at any given point of time for various reasons.

However, to adequately cater to the entire country’s population, the need is almost three-four times more, or around a million ATMs, says CATMi.

Of these (238,000 ATMs), nearly 80 percent are located in urban or semi-urban areas and the rest in rural areas.

Major industry players say that barring the metros and urban centres, people in states like Uttar Pradesh, Maharashtra, Bihar, West Bengal, Madhya Pradesh and others have to travel 40 km or more to access an ATM.

“Moreover, as per official data, barely 30 per cent of bank account holders in the country regularly use their ATM cards… the others prefer cash transactions. There are problems of infrastructure and connectivity which hamper growth of ATMs network,” Balasubramanian said.

India has among the lowest ATM penetration globally, averaging 8.9 ATMs per 100,000 population, compared to Brazil’s 119.6, Thailand’s 78, South Africa’s 60 and Malaysia’s 56.4.

China has a staggering one million ATMs, which will touch 1.5 million by 2020.


PDP chief Mehbooba Mufti released from detention after 14 months




Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

Continue Reading


Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15




Swimming pools for training of sportspersons to open with SOP from Oct 15

Continue Reading


SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance




Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

Continue Reading

Trending Live


Latest Post

Big News



Cricket2 days ago

South Africa का वनडे सीरीज पर कब्जा, India दूसरी बार भी हारा

पार्ल , 20 जनवरी (live24india) : शुक्रवार को पार्ल के बोलैंड पार्क में खेले गए दूसरे वनडे मैच में भारत...

Cricket4 days ago

दक्षिण अफ्रीका ने पहले वनडे में भारत को 31 रनों से हराया

दक्षिण अफ्रीका के खिलाफ पहले वनडे मैच में भारतीय टीम को 31 रनों से हार का सामना करना पड़ा। जीत...

Cricket3 weeks ago

भारत ने सेंचुरियन में साउथ अफ्रीका को 113 रनों से हराया

भारत ने दक्षिण अफ्रीका को पहले टेस्ट क्रिकेट मैच के पांचवें दिन गुरुवार को 113 रन से हराकर तीन मैचों...

Sports1 month ago

Australian Open में जोकोविच के खेलने पर सस्पेंस बरकरार

मेलबर्न, 10 दिसंबर (live24india) : नोवाक जोकोविच के 17 जनवरी से शुरू होने वाले ऑस्ट्रेलियन ओपन में खेलने पर अभी भी...

Cricket1 month ago

रूट और मलान की साझेदारी से इंग्लैंड की वापसी की उम्मीद जगी

ब्रिसबेन, 10 दिसंबर (live24india) : कप्तान जो रूट की रिकार्ड पारी और डाविड मलान के साथ उनकी तीसरे विकेट के लिये...



Bollywood2 days ago

मनोज देसाई ने ‘पुष्पा: द राइज़’ की रिकॉर्ड तोड़ सफलता के बाद अल्लू अर्जुन को किया सलाम!

मुंबई, 22 जनवरी (live24india) :   अल्लू अर्जुन की ‘पुष्पा- द राइज़’ सुपरस्टार अब तक की सबसे सफल फिल्मों में से...

Bollywood2 days ago

T-Series और Colour Yellow’s का एक्शन हीरो एक्शन में आया, लंदन में शुरू हुई शूटिंग!

मुंबई, 20 जनवरी (live24india) :  टी-सीरीज़ और कलर येलो के एन एक्शन हीरो के लिए यह एक बड़ा दिन है!...

Bollywood3 days ago

आमिर खान की फ़िल्म ‘लाल सिंह चड्ढा’ 2022 में बैसाखी पर ही होगी रिलीज़!

मुंबई, 20 जनवरी (live24india) :  फ़िल्म ‘लाल सिंह चड्ढा’ इस साल की बहुप्रतीक्षित रिलीज़ में से एक है जिसके साथ...

Bollywood3 days ago

बच्चन पांडे में अमाल मल्लिक लेकर आएंगे एक प्रेम गीत

मुंबई, 20 जनवरी (live24india) : भारत के पसंदीदा संगीतकार अमाल मलिक ने अक्षय कुमार अभिनीत बच्चन पांडे में अपने आगामी...

Bollywood4 days ago

अतरंगी रे में सारा अली खान के करियर की बेस्ट परफॉर्मेंस!

मुंबई, 20 जनवरी (live24india) :  तनु वेड्स मनु, रांझणा और अतरंगी रे से, आनंद एल राय की फिल्में हमेशा मजबूत...