News

ATM’S to be increased in India

ATM

At present India has more than 2.2 lakhs ATMs , including 15,626  WLAs. Abbreviation for WLAs is White Labeled ATMs . WLAs are owned and operated by non bank entities . They provide the banking service in India to the customers of the bank.

RBI decides to boost the WLAs to serve the customers in banking . RBI also allowed WLAs to display advertisement in their premises . RBI also allowed the banks can issue the co-branded ATMs cards in partnership with the authorized WLAs .

ATM

India is having very poor population and ATM ratio i.e 100 : 10,00,000 (100 ATMs for 10 lakhs people). But United States of America  is having 1500 : 10,00,000 (1500 ATMs for 10 lakhs people .

As already we told that India is having 2.2 lakhs including WLAs RBI decides to increase it over 4 lakhs by net 2 years . According to a research the number of ATM has one down by 2017 march  by 2,331 .

In India only 5 per cent rural area is having ATM where 134crore people resides . Only 30,000 villages are having ATMs for 6 lakhs villages . Now the shortages are concerning and the government is trying to bring the rural areas in the mainstream . That is the people of rural area also benefited with government schemes .

After the new guidelines of RBI , It is expected that more non banking companies will come forward to set WLAs .