By Admin 
ATM Services: Whenever we need cash, we go to ATM and withdraw it immediately. But now the problem is that people are not getting as much cash as before. The country’s ATMs are facing cash crisis. The Confederation of ATM Industry has given this information to the Indian Bank Association. According to the revelations in the Business Standard report, ATM services across the country may falter in the coming times.
Cash shortage seen in March-April
In the months of March and April this year, cash shortages were seen in ATMs across the country. Perhaps this would be the reason why ATM transactions have also decreased. According to the report of CATMi, an organization of ATM operators, in the months of March and April, sufficient cash could not be received from banks and currency chests to put in ATMs.
In March, 94000 crore cash was required for ATM, but only 61000 crore i.e. 64% was received. Similarly, in April also only Rs 54000 crore was made available as per the requirement. This clearly shows that ATMs across the country are facing cash shortage.
What information did CATMi give?
It is being said that due to shortage of cash, ATM services may be affected in many states of the country. CATMi has written a letter to IBA (Indian Banks Association) regarding this and said that in many states, sufficient cash is not available to replenish the cash in ATMs. This can especially affect people in rural and semi-urban areas, where a large number of people depend on cash transactions. Reserve Bank of India (RBI) was also informed about this.
What is the reason for this situation?
ATM operators say the current interchange fee is not enough to cover their costs. Interchange fee is the amount that one bank pays for using the ATM of another bank. Now it is Rs 19. The cost of loading cash in ATMs has increased, fuel prices are increasing, guards’ salaries are being increased and the cost of cash transportation is also continuously increasing. In such a situation, running an ATM has become more expensive.
Here, ever since the bank has increased the per transaction charge for customers to Rs 23 after the free limit, people have started using digital payment methods more. Due to this, the number of transactions from ATM has also declined by about 10.40%. To avert this crisis and prevent complete closure of ATM services, CATMi has requested the banks and the Currency Management Department of the Reserve Bank of India to immediately intervene in the matter and increase the cash flow.
Also read:
Personal Loan: Why do instant personal loans get rejected even after having a good CIBIL score? understand the rules