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Finshots Daily
Why is there an ATM crunch in the country?
Jun 24, 2024
Explore the reasons behind the ATM crunch in the country, from the deadlock between government, RBI, and banks to the challenges of ATM upgrades. Learn about the shift towards digital payments, secure ATMs, and the struggles with implementing RBI's directives.
07:25
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Quick takeaways
- Proposed lockable cash cassettes for ATMs aim to enhance security and efficiency but face resistance due to cost and compliance challenges.
- Banks struggle with retrofitting ATMs with lockable cassettes while dealing with Make in India sourcing restrictions and GEM Portal procurement requirements.
Deep dives
ATM Crunch and Supply Bottleneck
The podcast delves into the issue of the ATM crunch in the country, highlighting a minimal 14% increase in ATMs between 2016 and 2024. While digital payments contribute to reduced ATM use, the major bottleneck lies in the manual handling of cash during replenishment. The RBI directive to use lockable cash cassettes aims to enhance security and efficiency but faced resistance from banks due to estimated costs and compliance challenges, leading to a delayed implementation, impacting overall ATM availability.
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