If you are planning a trip to India in 2019, be aware that half of the countries ATMs could be shutdown as early as March. According to a report in the Financial Times, citing the Confederation of ATM Industry (CATMi), the group said it will have to close down less profitable cash machines, many of which are located in remote rural areas and small towns.
The CATMi states that meeting the necessary requirements could cost as much as 500 Million. Many of the companies just can’t afford this type of cost especially after the cash ban in 2016. Himanshu Pujara, managing director of Euronet Services India and a CATMi director, told the Financial Times that as it stands many of the machines in the networks are barely breaking even. With the new rules, he said there will be no option but to shut down those barely profitable.
Commercial banks that outsource operations of cash machines to third parties also said they can’t handle the increased costs of upgrading the machines in their networks. At the same time, they are concerned that the networks can be disrupted, noted the report. We need to find a way out of this,” said VG Kannan, chief executive of the Indian Banks’ Association.
If you are planning a trip to India after March, and your trip could take you to rural areas of India, be sure to grab money while in Urban areas.
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