Due to UPI, the number of ATMs in the country has declined for the first time in five years. The government informed about this in the parliament. Notably, there has been a decline in the number of ATMs in metros, towns and cities as well as in rural areas. Earlier it was 2,57,940 now it has reduced to 2,55,578.
The Biggest Decline in the Number of ATMs in Rural Areas
A little more than 1% reduction has been seen in this number. The highest decline of 2.2% was observed in rural areas. At the end of September, the number of ATMs in rural areas decreased to 54,186.The RBI data presented in the Parliament shows that the number of ATMs in the metropolis decreased by 1.6% to 67,224 during this period.
Use of Cash has Decreased Due to UPI and Cards
According to a report presented by the central government in Parliament, the use of cash has decreased due to UPI and cards as a payment tool. People are seen using PhonePay, Google Pay, Paytm and Amazon Pay to buy small items. People are making payments of Rs 10 through UPI after drinking tea. Payment is being made over the phone. No more need to go to ATM and withdraw money.
Banks are Closing ATMs
Finance Minister Pankaj Chaudhary said in the Lok Sabha that according to the information provided by the government banks, there are various reasons for banks to close ATMs. These include mergers of banks, reduction of utility from commercial point of view, relocation of ATMs etc. According to bankers, the widespread use of UPI and cards as payment tools is reducing the use of cash. As a result, ATMs have become impractical.
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