CATMi: 50 percent ATMs to shut down by march 2019
CATMi: 50 percent ATMs to shut down by March 2019
The Confederation of ATM Industry (CATMi) on Wednesday warned that more than fifty percent of ATMs in India may be shut down by March 2019 due to unavailability of operations. It would hit hard both urban and rural populations. According to this report, India has approximately 2,38,000 ATMs. Out of these, 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.
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The shutting down of these ATMs would severely impact millions of beneficiaries under the Pradhan Mantri Jan Dhan Yojana who withdraw subsidies in the form of cash through ATMs.
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The shutting down will also result in huge job losses in the industry that would be detrimental to financial services in the economy as a whole.
-PTC NEWS
