Future Finance
India Is Shutting Down ATMs Even as People Use Them More
- Higher running costs are making it tougher to operate ATMs
- The drop in machines risks undermining financial inclusion
An Indian man withdraws money from an ATM in New Delhi.
Photographer: Chandan Khanna/AFP via Getty Images
This article is for subscribers only.
Finding an ATM in India is getting tougher even as dependence on cash persists, thanks to tighter regulations that make it more costly to run the machines.
The number of automated teller machines in the country shrank in the past two years despite an increase in transactions, Reserve Bank of India figures showed Saturday. India already has the fewest ATMs per 100,000 people among BRICS nations, according to the International Monetary Fund.