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India's state banks refigure ATM install numbers for the fiscal year

The country continues to pursue its goal of universal financial inclusion enabled by a robust nationwide network of ATMs.

July 29, 2015

As India's state-owned banks trudge toward the ambitious goal of building a nationwide ATM network that will facilitate financial inclusion for all, they are finding it necessary to adjust their numbers for ATM installations and timelines.

According to a report by India's Business Standard:

• Bank of India has reduce its deployment number for the current fiscal year by two-thirds, from 2,229 to 729;
• state-owned Canara Bank has raised its expected number of new installations fourfold, from 250 to 1,000;
• As of March 31, Canara bank had 9,039 ATMs, and Bank of India had 6,771; and
• As of June 30, India's state-owned banks operated a total of 128,827 ATMs.

The Business Standard said that India's 27 public sector FIs plan to deploy more than 15,000 additional ATMs this fiscal year. Between April and June they completed 3,037 installations. 

Currently public, state-owned and foreign banks in India operate a total of 182,000 ATMs across the country, according to a report by India's Economic Times.