ATMs Are Closed In Ten Months
Posted May 7, 2018, 3:45 pm at 15:45
Adding to the cash woes faced by the people, the PSBs (Public Sector Banks) have already shut a part of their ATM network permanently. According to the data available with the Reserve Bank of India, more than 2,000 ATMs of various banks have been shut down permanently.
The ATM-shutdown program continued from 2017 May to 2018 February, for a period of 10 months. It is during this time, the 2000 ATMs were shut. As of May 2017, the number of ATMs in the country totaled to 110,116. While as of 2018 February, the ATMs number in the country slipped to 107,630. The reason behind the shutting down of these ATMs is known to be ‘reduction of costs’.
Bank of India 208 ATMs, Canara Bank 997 ATMs, Central Bank 344 ATMs, and Punjab National Bank 1,122 ATMs have been shut down during this period. At a time when the banks are amassing huge revenues in the name of service fees, and various other fees by continuously sucking the money from the customers, it is shocking to see the banks shutting down the ATMs in an attempt to reduce operating costs.