Mumbai Oct 29: The results of demonetisation are slowly visible as many people have shifted towards Digital economy and the banks have started to reduce the ATMs.Recent figures revealed that the banks have reduced the number of ATMS by 358 in the last few months.
# SBI which has largest ATM network has reduced the number of ATM from 59291 to 59200 in June.The bank has said that we have decided to close some of the ATMS because of the merger of associate banks and we have shifted some of the ATMs to other localites.
# Many other banks are also going slow in the installation of new ATMs because they feel that the maintenance cost of the ATMS has increased because of high rental costs, salary to security gaurds and electricity bills and other maintenance costs varies from RS 30,000 to Rs 1 lakh per month.
Digital Transactions rise
Many people in the city have now started using digital modes of payment such as Credit card/ Debit card, E/M-wallets.Moreover The Point of sale machines (POS) used by merchants have also increased .The Banks have also started to encourage digital payments by introducing digital services.
Experts have said that the trend would continue in future as GST has come into force and would encourage more traders to shift towards Digital transactions.