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Indian ATM companies poised to grow

August 21, 2013

It seems that ATM cardholders in India are taking up machine capacity as fast as the banks can add it. In the past year, public sector banks have increased their collective total of machines by 18,906 — or 26 percent — and average transactions per machine have grown apace.

A story by Times of India cited RBI data showing that in June 2012, public sector banks operated a combined total of 56,801 ATMs with an average of 183 transactions per day. A year later, the number of stood at 75,707 machines with an average of 167 transactions per day, with the daily withdrawal volume virtually unchanged.

According to the Times, this was an indication that there is still plenty of room for ATM network expansion across the nation as the central bank pushes forward an agressive agenda to bring India's huge unbanked population into the financial system.

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