ATM service providers have said that the RBI mandate on upgrading software and hardware of ATMs is extremely expensive and may not be economically viable.
Consumers will face serious issues as the Confederation of ATM Industry’s (CATMi) has warned that around 1.13 lakh ATMs will be shut across the country by March 2019. The reason cited by ATM service providers is that the RBI mandate on upgrading software and hardware of ATMs involves high costs.
Moreover, a large number of ATMs could be shut in non-urban locations due to unviability of operations.
Here’s Moneycontrol’s M Saraswathy in conversation with our banking expert Beena Parmar discussing how consumers will be impacted.