Remember the painfully long queues outside ATMs two years back? Things eventually got back to normal but we may be facing another ATM-related hurdle soon.
A report by an industry body announced India might lose half of its ATMs by March next 2019, which means not only will we have to search for an ATM longer, but we may also face a shortage of cash – again! It is estimated that close to 1.13 lakh machines might be shut down.
Why is this happening? The report says new regulatory guidelines for various aspects that need big investments is one of the main reasons.
Thankfully, the digital payments industry is growing very rapidly in the country! If all goes well, maybe even tier-III and tier-IV areas, too, will have a bustling online payments ecosystem in place before these ATMs shut shop