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Indian Banks Shut Down More Than 2,400 ATMs In Ten Months to Cut Down Costs

More than 2000 ATMs spread crosswise over different parts of the nation has been closed down in a time of 10 months by banks inferable from spare increasing expenses. As per the information by Reserve Bank of India, banks have closed down the aforementioned number of ATMs in different areas between May 2017 and February 2018.



According to the given information, roughly 110,116 ATMs were working nearby in the nation amid May 2017, while the numbers boiled down to 107,630 by February 2018. The quantity of disconnected ATMs in the nation despite the fact that saw a negligible increment.

Reports said that Canara Bank and Punjab National Bank were among the banks that incomprehensibly close down its ATMs. The Central Bank data reveals that Canara Bank closed down 189 onsite ATMs in addition to shutting down 808 offsite ATMs. Punjab National Bank saw a reduction of 655 onsite and 467 offsite ATMs.

Bank of India saw a decrease of 208 ATMs all things considered, with 108 of them being nearby ATMs. The information likewise features a drop of 317 offsite ATMs for Central Bank of India, whose on location ATMs saw a drop by 27.

Banks have been closing down both on location and offsite ATMs in the nation in an offer to chop down massive expenses or overhead costs. Banks were already said to be gearing up for other cost cutting measures including stoppage of free services including ATMs transaction beyond specified limits, refund of fuel surcharge, issue of cheque books and debit cards etc.

The advancement has been occurring following the weight over the loan specialists from taxmen. While charges for administrations who keep up least adjust in accounts are getting deferred off, Directorate General of Goods and Services Tax has requested banks to hack up charges for the administrations accommodated a time of five years, which likewise covers the pre-GST period.

As per reports, notice has been issued to leading indian banks including State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank, with names of different banks anticipated that would join the rundown sooner rather than later.

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