It may be that tomorrow you lock the ATM that runs in your neighborhood and you know that it will no longer be operational later. This is because the banks have slowed the pace of introduction of new ATMs in the country and some ATMs have been discontinued. 358 ATMs have declined in the past four months. The main reason behind the declining number of ATMs is the promotion of public sector banks’ merger plans and cashlessness in the country. After the ban on last year, large-scale digitization was boosted in the country and the use of ATM reduced. This led to the banks becoming more operational at the ATM operational cost, and they stopped working on setting up new ATMs, and also shut down some ATMs. Also, many government banks are going to get the merger. In such a situation, the bank plans to create a new strategy only once the merger happens. Given this, they are avoiding any extra expenditure. If you are still dependent on the cash then be sure. You may not be able to withdraw cash from everywhere at all times, so it is better that you also learn to pay in digital mode and count it as a habit.
1000 ATMs every month
The number of ATMs for the first time has been recorded in the country. For the past four years, the number of ATMs was increasing at a compounded rate of 16.4 percent. On average, 1000 ATMs were being installed each month. Last year, there was 3.6 percent growth in this work. The number of SBI ATMs was 59,291 in June, which was 59,200 in August, the number of ATMs of Punjab National Bank decreased from 10,502 to 10,083 and the number of HDFC ATMs increased from 12,230 to 12,225.
Options of digital mode
The digital transaction is not too difficult too. You have several options like a debit card, credit card, e-wallet, net banking, check. The bank no longer gives the same card in the ATM, it is the ATM less debit card so that you can make transactions anywhere. From the government, you are also getting the services like Rupee Cards, Bhima App, UPI App. If you do not have a bank account in the way of becoming digital, then you can also open your account on Zero balance under Janshana Yojana. Apart from this, a mobile wallet of many companies such as Paytm, Mobikwik, Free charges etc. are available through which you can easily pay through your smartphone. Also, many banks have their mobile apps, which means that you can use the same app as your bank account.
Now 8 out of 10 ATM are in cities
Most of the banks are located in 8 ATM cities, where digital payments have increased. People are now making massive transactions through net banking, e-wallet, mobile banking applications etc. The people of the villages use cache much and there is the very little number of ATMs.