Half of India's ATMs may close down by March 2019 warns CATMI

MUMBAI: Nearly 50 per cent of the Automated Teller Machines (ATMs) may be shut down by March 2019  due to unviability of operations,  and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) has warned.on Wednesday.

Currently, India has approximately 2,38,000 ATMs, 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 their shutters, said a CATMi spokesperson. “Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs,” it said.

The measure will also result in huge job losses in the industry that would be detrimental to financial services in the economy as a whole. The only way to salvage the situation for the industry, according to the body, is if banks “step in to bear the load of the additional cost of compliances” said the CATMi.

This article was first published on http://www.manuinfo.com.

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