India’s Finance Minister P Chidambaram at the inaugural address of Punjab National Bank’s 5999th branch at Tirupattur (Tamil Nadu), has said that Public sector banks have been advised to set up ATMs in all branches by March, 2014 to enable customers in rural pockets to do banking round-the-clock.
He said orders had been issued to all nationalized banks in this regard and their CMDs had been asked to implement the same in the current financial year.
The ATMs need be full-fledged ATMs but can be only Cash Dispensers. Cash Dispensers are less costly and also easy to maintain.
White Label ATMs, will not be set up in the Bank premises, hence the number of ATMs in India over the next few years will witness a massive jump.
The Finance Ministry vide its Letter dt.01 June, 2012, advised PSBs to chalk out a plan to reduce the list of loss making ATMS.
Another important factor is to ensure a high uptime. It has been noticed that even in urban centres, the ATMs are down citing reasons such as no power, no cash, no stationery etc. Hence, Finance Ministry vide its letter dt.27 February, 2013, has advised PSBs to take necessary steps to ensure high ATM uptime.
It seems all Banking participants have forgotten the RBI Notification on Cash Withdrawal at Point-of-Sale. The average ticket value in rural areas will be below Rs1,000/-, hence the ATM option would add only to the Banks expenses.
- ATMs at all bank branches by March next year: Chidambaram (thehindu.com)
- Bhartiya Mahila Bank – Biz plan 39 branches, 127 ATMs by the end of the first year of operations (simplybanking.wordpress.com)
- The future of electronic payment: Smartphone authentication and facial recognition (net-security.org)
- SREI ATMs – You have to wait till December 2012 (simplybanking.wordpress.com)
- NYC cops: Thieves use backhoe in ATM crime spree (foxnews.com)
- Gang that ran off with ATM machines caught (thehindu.com)