Insta
ATMs Decline By 1,000 To 2.07 Lakh In FY18, Says RBI Report, Amid Rise In Digital Payments
A bank customer withdraws money from an ATM in New Delhi. (Photo credit: PRAKASH SINGH/AFP/GettyImages)
Bank rationalisation has reportedly resulted in a reduction in the number of ATMs from 2.08 lakh in FY17 marginally to 2.07 lakh in FY18, reports Live Mint.
When the number of off-site ATMs increased to 1 lakh from 98,545, the number of on-site ATMs came down to 1.06 lakh during the year from 1.09 lakh in FY17.
“In FY18, the number of ATMs of state-run banks declined to 1.45 lakh from 1.48 lakh in FY17,” Mint quoted the RBI from its Trends & Progress of Banking in 2017-18 report.
However, the report says that private sector banks installed more ATMs taking their total number to 60,145 in FY18, from 58,833 in the previous fiscal.
The increase in use of electronic payments has resulted in the decline of ATMs (excluding that of small finance banks and payment banks) to 2.04 lakh in the period between April 2018 and August 2018. This period also saw robust growth in deployment of point-of-sale (PoS) terminals across the country.
The number of transactions through pre-paid payment instruments maintained robust growth in terms of volume and value, despite deceleration from the demonetisation-induced spurt.
As much as 91.5 crore transactions worth Rs 1.09 trillion were done through the unified payments interface (UPI), which rose to 157.9 crore in volume worth Rs 2.67 trillion in the first half of FY19, the report said.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
