Tuesday , September 19 2017

As cashless transactions pick up, banks to shut ATMs in Karnataka

Following the demand for digital and mobile wallets increasing, banks are seriously considering permanently shutting down the hundreds of ATMs in the city and focusing on strengthening digital payment systems across all sectors.

As cashless transactions pick up, banks to shut ATMs in Karnataka
Visitors at the inauguration of Digi Dhan Mela at Jnana Jyothi auditorium in Bengaluru on Monday.

Bank branches and the post offices are not reporting long queues and the situation has returned to normal.

Bengaluru: Even after two months demonetisation, around 60% of ATMs in the city are still not functional because of the shortage of currency notes. Now adding to the woes of the people, banks have now started shutting down some ATMs, saying once the people adopt a digital mode of payment, ATMs will become redundant.

Officials from several banks, who wished not to be identified, said that on Monday around 60% of the ATMs in the city, especially to those in the interior parts of the city, have not been loaded with cash. “Only those ATMs that are on main the roads and business hubs are being provided with cash on a daily basis. Rest of the ATMs are closed, and only guards are watching them,” an officer said.

For more Andhra Pradesh News: Click here

Following the demand for digital and mobile wallets increasing, banks are seriously considering permanently shutting down the hundreds of ATMs in the city and focusing on strengthening digital payment systems across all sectors. An officer of the private bank said that maintaining an ATM is a costly affair as round-the-clock security and continuous note supply require large amounts of money. “As per the state police direction, we have to provide round-the-clock security and to set up CCTV cameras at ATMs. It requires huge amounts of money. With city residents catching up with a cashless mode of transactions, dependence on the ATMs is expected to come down. We are considering shutting down those ATMs that are recording less business,” he said.

Meanwhile, bank branches and the post offices are not reporting long queues and the situation has returned to regular. RBI sources said that the city is supplied with an enough Rs 500 and Rs 100 denomination notes to ensure that public do not face any problem.

Digi Dhan Mela

The Union and state governments jointly organized the first Digi Dhan Mela in the state at the Jnana Jyothi auditorium in the city on Monday. All major banks and the mobile wallet service providers participated in the mela. All those who wanted to opt for Aadhaar and mobile wallet services were registered on the spot. Tutorials on digital payment systems and payment bank system were held on an occasion. The majority of those who have attended the Mela were farmers from different districts of the state. The state government had arranged vehicles to bring them to the Mela.

Facebook Comments
As cashless transactions pick up, banks to shut ATMs in Karnataka
5 (100%) 2 votes

About admin

Check Also

Simran

Simran Box Office Collections

Kangana Ranaut praise from all directions. Simran has earned $ 120.0 million rupees at the ...