No plan to shut down ATMs: Union Minister
- IndiaGlitz, [Saturday,December 15 2018]
Recently, it was reported that about one lakh ATMs may be closed down by March 2019 across the country. The Confederation of ATM Industry (CATMi) said that the closure of the ATMs was inevitable in view of the high costs being incurred by ATM developers due to various regulations.
Weeks after the report, the Government of India has clarified that ATMs won't be shut down. We don't have any such plans, Minister of State for Finance Shiv Pratap Shukla has told the Parliament.
The government needs to assure ATM developers that regulatory changes concerning hardware and software upgrades, mandates on cash management standards, etc are not problematic. Alos, the cassette swap method of loading cash, which is causing costs of Rs 3,000 Cr for the industry, is a major problem, the CATMi report recently said.