Bank ATM cash crisis coming! Are you prepared?
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.
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)
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)
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)
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)
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)