Deployment of Atms in Rural Areas Leading to Growth in Indian Atm Industry: Ken Research
Deployment Of ATMs In Rural Areas Is Poised To Lead To The Next Level Of Growth In Indian ATM Industry: Ken Research Mounting growth of white-label ATM terminals especially in rural areas and a stronger emphasis on financial inclusion will lead to increased installations of ATMs in the country in the future New Delhi: 02/09/2013- ATM’s have gained significance as a delivery channel for banking transactions in India. Rising economic development, rise in the income levels (especially in the urban areas) and the evolution of class banking to mass banking have driven the industry growth during the past decade. In India, ATM industry has grown at an exponential rate year on year. The first ATM launched in the Indian banking industry was installed by HSBC Bank based in Mumbai in 1987. However, presently almost every bank provides ATM facilities to their customers. ICICI banks, SBI group, Axis Bank, Punjab National Bank are some of the leading banks providing ATM facilities to the customers across India. The arrival of ATM’s in India has changed the methodology of withdrawing money, transferring funds from card to account, applying for various loans, paying various bills, booking air, train and movie tickets. While ATM enables a variety of transactions for customers, their major utility has been for withdrawal of cash and balance enquiry. However, nowadays ATMs are viewed as more than cash dispensing machines. The customers use ATMs to recharge their mobile phone pre-paid connections; pay their utility bills, for even mutual fund transactions. Financial transactions through ATMs including withdrawal of money from ATM, cash deposits, bill payments as well as booking of railways, airways, hotels and other tickets form a major share in the form majority of the share in the total number of transactions through ATMs in India. On the other hand, non-financial transactions including balance inquiry or taking out the ministatements and PIN change are picking up fast in the ATM