Dec. 27, 2016
Following the demonetization of 500 and 1,000 rupee note currency, which has resulted in empty ATMs and frustrated citizens, the State Bank of India has released its most recent calculations regarding the number and location of ATMs in India.
According to SBI statistics, Indian banks owned 180,000 ATMs in 2015, a number that represents a significant slowing of ATM penetration in the country, SBI said.
Additionally, rural areas were not showing substantial ATM penetration compared with metropolitan and urban areas, SBI reported. In 2015, less than half (44 percent of ATMs) were located in rural and semi-urban centers, which tend to be underserved by bank branches.
The share of off-site ATMs owned by banks increased from 47.9 to 50.9 percent between Mar. 31, 2014, and Mar. 31, 2015. Despite a government push to expand financial inclusion to underserved areas via independently owned white label ATMs, these machines still comprised only about 10 percent of all Indian ATMs as of Oct. 31, 2015, SBI reported.