Banks started expansion of ATM network, know how much benefit customers will get
Newz Fast, New Delhi: In the first four months of the financial year 2022-23, banks have installed 2,796 new ATMs. Earlier, 2,815 ATMs were installed in the financial year 2020-21 and 1486 in the financial year 2021-22.
After two years, the banks have once again started work on expansion. Every bank, whether government or private, is busy expanding its ATM network.
In the first four months of the financial year 2022-23, banks have installed 2,796 new ATMs. Earlier, 2,815 ATMs were installed in the financial year 2020-21 and 1486 in the financial year 2021-22.
According to RBI data, there are a total of 2,17,857 ATMs in the country till the end of July. Apart from bank ATMs, there are 33,000 white label ATMs operating in the country.
Industry experts believe that expansion of ATM network is necessary. Because there are more than 46 lakh Pradhan Mantri Jan Dhan Yojana beneficiaries in the country, who have to go to the bank many times for cash withdrawal.
Rs 1,72,848 crore is deposited in their accounts. Apart from this, the facility of cash withdrawal is also to be provided to those receiving the amount under Direct Benefit Transfer under various government schemes.
Banks ready to expand
Ravi B Goel, Founder and Chairman, AGS Transact Technology Ltd. says that the trend for expansion this year is good. Not many ATMs could be installed due to restrictions during the COVID pandemic but now we are seeing a lot of activity in ATM installations.
Both public and private banks are issuing request for proposals for purchase of ATMs at a regular interval. About 50,000 ATMs and cash recycler machines are likely to be installed during the financial year 2022-23.
The industry believes that FY 2022-23 will be the year of highest ATM installation. The country's largest bank State Bank of India has planned to buy 6,750 ATMs alone. Which is the biggest indication of the network expansion plan of the banking system.
SBI will set up 6750 ATMs
India's largest bank i.e. SBI has floated a tender to buy 6750 ATMs. These new ATMs will be set up across the country. The bank has said that it can increase the number of ATM purchases to 8100 this year.
Whenever a bank opens a new branch, they have to set up at least one on-site ATM and two to three offsite ATMs. So that maximum convenience can be given to the customers.
The installation of such a large number of ATMs means that banks will also expand their branches. With the installation of more ATMs, it will be easier to withdraw cash and where there are no ATMs at present. The facility of withdrawing cash will also be available there.