NEW DELHI: The total number of ATMs in the country decreased by 358 between June and August this year, according to a website report. This is a very significant change because ATMs increased at a compounded rate of 16.4 per cent over the past four years. Even though growth slowed to 3.6 per cent last year, this is the first time the number of ATMs has declined. SBI, which has the largest ATM network in the country, reduced its ATM count from 59,291 in June this year to 59,200 in August, Punjab National Bank from 10,502 to 10,083, and HDFC Bank from 12,230 to 12,225. Some other banks have not shut down any ATM but are going slow on expansion plans.
HDFC Bank, which started rationalising its ATM network in July, plans to shift some of its machines to busier locations. The city-centred growth of ATMs is part of the problem. Eight out of every 10 ATMs are located in cities where digital payments have increased after demonetisation.