The Confederation of ATM Industry in India (CATMi) after observing that the economic condition in India is not encouraging anymore and getting worse each day that passes by, warns that half the number of ATM’s in India may shut down by March 2019.
The message was conveyed in a statement made by the industry body:
Closure of the ATMs will impact thousands of jobs and also the the financial inclusion efforts of the government, Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs.
The report released by the industry body also indicated that the shut down of ATM’s is most likely to be seen in rural areas pointing out that this might affect the financial inclusion efforts as most people in that region uses the machines to withdraw money granted by the government.
The industrial body listed so many reasons that will make the operation of ATM’s less significant thereby, leading to its total shut down in the nearby future. It stated that the recent regulatory changes in the financial system of the country would definitely lead to its shut down.
Infact, the current situation faced by the service providers to the ATM industry in India is so devastating as they are yet to recover from the shock of demonetization.
In situations like this, it would be advisable for such countries to adopt the blockchain technology as it will ensure faster transactions between two users and at a cheaper rate. @iamjosephyoung also said something about this on Twitter.
2 years ago, people died in exhaustion waiting in line to get cash to pay for necessities in India.
Half of India's ATMs will close down by March, impacting "thousands of jobs and also financial inclusion efforts."
Sad. Decentralized & digital money in crypto has to be adopted. https://t.co/yBxGmAyCse
— Joseph Young (@iamjosephyoung) November 22, 2018
Comments are off this post!