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Nearly 1 in 5 foreign bank ATMs shuttered in India

January 2, 2018

Foreign bank ATM numbers have declined 18 percent in India over the last three years, according to the Financial Express.

Some banks have closed ATMs, while one bank closed its operations, according to official data. India has as many as 45 foreign banks, including Standard Chartered Bank, Citibank, Bank of America, Barclays Bank, HSBC, The Royal Bank of Scotland, Deutsche Bank, JP Morgan Chase, DBS Bank, Credit Suisse AG, BNP Paribas, Doha Bank and Qatar National Bank.

The reasons for this reduction include the closure of ATM operations by FirstRand Bank, closure of banking operations by RBS (ABN Amro) Bank and closure of ATMs by HSBC Bank and Standard Chartered Bank by 30 percent and 20 percent, respectively, the finance ministry noted.

From September 2014 to September 2017, CITI Bank ATMs fell from 577 to 549, DBS Bank's from 31 to 30, Deutsche Bank's from 39 to 32, FirstRand Bank's from 12 to zero. In addition, HSBC reduced its branches from 143 branches to 100, RBS eliminated its 60 ATMs while Standard Chartered Bank reduced its branches from 279 to 223.