More than one lakh ATMs may shut down in the country by March

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Business | About 1.13 lakh ATM machines in the country can be closed till next year. These closed ATMs are owned by one lakh different banks and 15 thousand non-banking companies. This report was released by the Confederation of ATM Industry (CATMI). There are currently 2.38 lakh ATM machines in the country.

The closure of these ATMs will be mostly from rural areas. It has been argued in the report that problems in running these ATMs of these areas are occurring. With the closure of ATMs in rural areas, people there may have to face major problems in getting money. Those who have different types of subsidy in their bank account, also have to withdraw money from the city ATMs after the ATM is closed.

With the closure of such a large number of ATMs, there can also be huge loss of jobs. In the case of people's jobs, the economy will also have a bad effect. This is also stated in the CATMI issued report. It has been said in the report that banks and non-banking companies operating ATMs have suffered financial loss due to non-cash withdrawal in ATMs and subsequent time.

In other reasons for the shutting down of ATM, it has also been mentioned that there is no increase in revenues from the banks. According to the report, there has been a huge increase in the cost of money laundering at ATMs and banks will now have to spend Rs. 3500 crores just for getting money in ATMs. CATMI has said that if the bank does not cooperate to reduce the increase in the expenses incurred by ATM installers, then ATMs can be switched off in a large number across the country.

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