In just a time span of 10 months, banks had shut down around 2000 ATMs at various locations, showed the data by the Reserve Bank of India. The time period of shutting down was between May 2017 and February 2018.
In just a time span of 10 months, banks had shut down around 2000 ATMs at various locations, showed the data by the Reserve Bank of India. The time period of shutting down was between May 2017 and February 2018.
Until May 2017, the total number of onsite ATMs of banks was approximately 110,116, which came down to 107,630 as on February 2018. Notably, the number of offsite ATMs saw a marginal increase, led by the State Bank of India (SBI).
One of the main reason behind the major shut down is that banks are trying to cut down on various costs. Majority of banks closed both onsite and offsite ATMs.
According to the Central bank's statistics, Bank of India saw reduction of 108 onsite and 100 offsite ATMs between the mentioned time period. Canara Bank witnessed fall of 189 oniste and 808 offsite ATMs while Central Bank of India had a reduction of 27 onsite and 317 offsite ATMs and Punjab National Bank saw a reduction of 655 onsite and 467 offsite ATMs.
Earlier it was reported that the banks may soon stop free services like ATMs transactions beyond a certain limit, refund of fuel surcharge, issue of cheque books and debit cards, among others as lenders have come under pressure from taxmen.
Tax authorities have reportedly sent notices to leading banks to cough up taxes for last five years for free services provided to customers who maintain minimum account balance.
Most banks waive off charges for services for customers who maintain minimum balance in their accounts.
According to reports, the Directorate General of Goods and Services Tax Intelligence has sent notices to banks to pay tax on these free services provided to customers for the last five years, which includes the pre-GST era when service charges were implemented.
The reports that suggest the stated development include names of banks like State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank.
It has been widely speculated that other banks too can receive the legal notice in coming future.
Meanwhile, it has been reported that Banks' credit rose 11.52% year-on-year to Rs 84,78,459 crore in the fortnight ended April 13, RBI data showed. In the same period ended April 14, 2017, banks advances were at Rs 76,01,970 crore.
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 "Banks shut down 2000 ATMs in 10 months to save rising costs")
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