As part of a cost-cutting drive, banks are shuttering ATMs, resulting in a decrease of over 2000 ATMs countrywide between May 2017 and February 2018, according to Reserve Bank of India (RBI) data.
ATMs located at branch premises are called on-site ATMs while ATMs located away from the branch are called off-site ATMs.
“Now banks are not going for ultra-low-cost ATMs. So it is just [some] space and a machine..., and they are doing away with facilities like air-conditioning,” a bank executive was quoted as saying by the newspaper.
The State Bank of India (SBI) reduced the number of onsite ATMs from 29,150 to 26,505 between May 2017 and February 2018, while the number of offsite ATMs increased from 29,917 to 32,680 during the same period, according to The Financial Express.
Other public sector banks like the Bank of India (BoI) shut 108 onsite and 100 offsite ATMs. Canara Bank closed 189 onsite and 808 offsite ATMs while the Central Bank of India shut 27 onsite and 317 offsite ATMs.
Meanwhile, fraud-hit Punjab National Bank (PNB) saw a reduction of 655 onsite and 467 offsite ATMs, the DNA reported.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: May 08, 2018 15:50:40 IST