Almost 1,13,000 ATMs in India may be shut by March 2019 according to the Confederation of ATM Industry (CATMi), reports PTI. CATMi held RBI regulation responsible for the closure of half of India's ATM machines. It said that the recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable resulting in their closure. ATM operators are required to improve their physical and security infrastructure with hardware and software upgrades, as per an RBI notification issued in April. CATMi said that adhering to them would alone cost the ATM industry roughly Rs 3,000 crore. It further added that the ATM industry is reeling under the shock of demonetisation and the only way to salvage the situation for the industry is if banks "step in to bear the load of the additional cost of compliance." MediaNama has reached out CATMi for a comment and will update the story when they respond. CATMi warned that out of 2,38,000 installed ATMs, approximately one lakh off-site ATMs and a little over 15,000 white label ATMs may be forced to shut. White label ATMs provide cash, but are owned and operated by non-banking companies and do not bear any labels. Off-site ATMs are set up on a standalone basis and not on the premises of a bank’s branch. There are in all three types of ATMs in India including white label ones. The other two are brown label and bank owned ATMs. In…
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