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Why ATM operators are threatening to close half the ATMs

Monday, December 3, 2018, 8:24 AM

ATM operator companies are demanding that either banks bear the additional expenditure incurred on the upgrades and security measures or reimburse the operators. According to the Reserve Bank of India, there are 221,492 ATMs in the country as of September. We take a look at what are the issues that are being raised, why have they come-up now and how can these be resolved.
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Over 1 lakh ATMs face risk of closure

Thursday, November 22, 2018, 6:27 PM

Increased costs to meet new security norms may force ATM operators to close the money-dispensing machines. A non-profit trade association warned that nearly 50% of the country's 2.38L ATMs face risk of being shut down due to fresh guidelines issued by the RBI. The ATMs may cease to exist as early as March-2019. The industry body said the move will drastically impact "non-urban" areas.
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50% ATMs In India May Shut Down By March Next Year, Says Report

Wednesday, November 21, 2018, 4:31 PM

Nearly 50% of the ATMs may be shut down by March 2019 due to unviability of operations, hitting hard both urban and rural population, the Confederation of ATM Industry (CATMi) warned. 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.

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