Banks Close 2000 ATMs in 10 months

During the period May 2017 to Feb 2018, banks have closed more than 2000 Onsite ATMs across,  which were 1,10,110 in May 2017 and stand at 1,07,600 as Feb 2018.  Thus over 2400 nearly, have been reduced during the period.   However, the SBI offline ATMs were found to be on the increase during the period under review. The reduction manifesto has resulted in the following:

  1. Cost cutting measures by banks which has led to rationalisation of branches
  2. Bank of India reduced its onsite ATMs by 100 numbers and offsite ATMs by 108 numbers.
  3. Similarly Canara Bank reduced its ATM sizes by cuttin 189 onsite ATMs and 808 offsite ATMs.
  4. Central Bank of reduced its Onsite ATMs by 27 numbers and offsite ATMs by 317 numbers.
  5. PNB reduced its onsite ATMs by 655 onsite ATMs and 467 offsite ATMs.
  6. The major reductin in size of ATMs was seen from State Bank of India, where the numbers were 29,150 and 26,505 in respect of onsite and offsite ATMs respectively.

Further the reports reveal that:

  1. Till a few years, back ATMs were being installed at a cost of Rs. 5 lacs per machine, but the cost now stands reduced to around Rs. 50,000 to Rs. 60,000 per machine.
  2. Earlier the space required for installing an ATM was around100 Sq. ft but now the space of say 30-50 sq.ft is sufficient to erect an ATM machine.
  3. Also, banks are not going for ultra low cost ATMs and it is only the question of space and a machine and are doing away with Air Conditioning.

Author: Admin Bankedge

No Comments

Post a Reply