Around 50 pc ATMs may close down in next four months due to regulatory changes

Published at November 21, 2018 04:03 PM 0Comment(s)2463views


Around 50 pc ATMs may close down in next four months due to regulatory changes

Press Trust of India

Mumbai

ATMs in India are turning defunct due to regulatory changes and by March 29 half of the 2.38 lakh machines may be closed down, the Confederation of ATM Industry (CATMi) warned Wednesday.     

Closure of the ATMs will impact thousands of jobs and also the the financial inclusion efforts of the government, the industry body said in a statement.

"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.

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