Indian Banks shut down about 358 ATMs

India to go cashless, Government decided to shut down about 358 Banks ATM.

After demonetization of Rs 500 and Rs 1,000 currency notes on November 8, 2016, Government of India has been pushing its citizens to go cashless. It looks like the country has seen a decline in the number of ATMs and between Jan-2017 and Oct-2017, As per the information the number has reportedly gone down by 358.

While the number may not be that big as of now, it is surely quite a change as the country has seen a huge increase in the number of ATMs in the last few years.

Since demonetisation, not many customers reportedly use the ATMs as frequently as they used to, due to which banks believe that they could do with a lesser number of kiosks. In tune, they also believe that the rent for these kiosks are quite high especially in metros, and lesser number of customers, in turn, increases the operational cost of these ATMs, reported the Times of India. Additionally, banks also have to take care of costs such as salaries of security personnel, electricity bill, and other maintenance expenses.

In recently the State Bank of India Merged with its associate banks. SBI has also shuttered numerous ATMs. SBI had 59,291 ATMs in June this year and the number came down to 59,200 in August. Similarly, Punjab National Bank reduced the number to 10,083 from 10,502 and HDFC Bank to 12,225 from 12,230.