50% ATMs in India may shut down by March next year

The Confederation of ATM Industry (CATMi) has announced that they may be forced to close down 50 per cent of the 2.38 lakh ATMs by March 2019 as maintaining them is becoming unviable. The RBI has directed the ATM service providers to comply with the new cash logistics and cassette swap method. According to CATMi estimates, Rs 3,000 crore will be an additional burden on the industry to follow the RBI regulations. People, especially in rural areas, will be hit if ATMs are shut down.