Increased costs to meet new security norms may force automated teller machine (ATM) operators to close the money-dispensing machines. A non-profit trade association warned on Wednesday (November 21) that nearly 50 per cent of the country’s 2.38 lakh ATMs face the risk of being shut down due to fresh guidelines issued by the RBI.
The Confederation of ATM industry (CATMi) said at least 1.13 lakh ATMs, including one lakh off-site units and 15,000 white-label ATMs. White-label ATMs are those operated by non-banking financial corporations. The ATMs may cease to exist as early as March 2019. The industry body said the move will drastically impact “non-urban” areas.