'ATMs Of State Banks Will Not Be Closed' Says The Government

Prior to this news, a whopping number of around 1.5 lakh ATMs were reported to be closed if they do not comply with the upgrading measures,...

Prior to this news, a whopping number of around 1.5 lakh ATMs were reported to be closed if they do not comply with the upgrading measures, was published. The statement was given by the Confederation of ATM Industry (CATMi) warned the banks of getting their ATMs closed by March of 2019. Changes were to be made in compliance with the change in functioning and technology for a smooth run.

Minister of State for Finance Shiv Pratap Shukla, has said so to the Parliament. Public Sector Banks (PSBs) do not have any plans in shutting down their ATMs at all. Other options are made available to facilitate banking procedures. Such as scheduled commercial banks, small finance banks, payment banks and white label ATM operators, were deployed in huge numbers.

Around 2.21 lakh devices are deployed to help as on reported by September 30th of 2018. In a written reply to the Lower House of the Parliament, i.e. Lok Sabha, he says, "Apart from ATMs, banking services across the country are provided through bank branches, inter-operable business correspondents (BCs) with micro-ATMs etc".

The physical structure of banking is also very well aided by its virtual section. To which Shukla gave this answer, "mobile banking services and various digital modes of banking facilities are also available in India". Another question was posted on to him in the House, which he managed to answer as well.

Minister has said this as an answer, "the government announced recapitalisation of PSBs to the tune of Rs 2.11 lakh crore in October 2017, through an infusion of capital by the government and raising of capital by banks from the markets".

The recapitalisation measure which was introduced in the year 2018, announced was to stay till the month of November. To which the banks have already been prepared with a Rs 1,28,861 crore through infusion and mobilisation of capital from the market. PSBs are all now recapitalised. Not a matter to worry about.



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All India Daily: 'ATMs Of State Banks Will Not Be Closed' Says The Government
'ATMs Of State Banks Will Not Be Closed' Says The Government
All India Daily
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