The National Payments Corp. of India has announced that India has now passed the 100,000 milestone for ATM installations. Two years ago, the nation's ATMs totalled just under 70,000. Two years from now, the number is expected to exceed 200,000.
According to an article by The Hindu Business Line, the precise number of ATMs linked to India's national financial switch, NPCI, stands at 104,500. The bulk of these (59 percent) are operatied by public sector banks, with the remainder operated by private and foreign banks (40 percent) and co-operative banks (1 percent).
Just this year, the Reserve Bank of India changed its ATM policy regarding ownership and operation of ATMs, opening up the sector from its banks-only rule to allow white label ATMs, which may be owned and operated by IADs under a bank's brand.
RBI's policy change is expected to result in the addition of 100,000 more ATMs in the next two years, which would still leave plenty of growth. According to the Business Line article, 200,000 ATMs would amount to just 170 ATMs per 1 million Indians.
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