Is the matter
CATMi's spokesperson said that there are currently around 2,38,000 ATMs in India, out of which 1,13,000 ATMs can be closed, including one lakh of off-site and more than 15,000 White Label ATMs. Due to regulatory guidelines for upgrading ATM hardware and software, the latest conditions of cash management standards and cash loading cassette swap mechanisms have forced the organization to take this step. Most of them will be non-urban areas. The industry will also be unemployed in the closure of the ATM, which would be detrimental to financial services in the entire economy.
Half of Indiav ATM may shut down by March 2019, warns Industry bodyATM Shutdown: 1.13 Lakh 50% ATM March Shut Down By 2019.
ATM service is getting expensive
For the past few years, there has been an increase in income from service tax in the country. This can lead to very few ATM interchange charges and continuous increase. If banks do not return ATMs to these additional costs, then they will not be able to surrender their services and save any option. Due to which a large number of ATMs will be closed. ATMs are a service, so the system does not expect much revenue from the system. The cost of its cost and its management is increasing steadily.