Fewer ATMs, more UPI: India's banking sector shifts to digital payments

Quick Summary:

This is due to the growing adoption of digital payments, especially through UPI, alongside a strategic shift towards digital banking.

The first ATM was installed by the Hong Kong and Shanghai Banking Corporation (HSBC) in Mumbai on June 27, 1987.

Factors like RBI’s regulations on free ATM usage, interoperability, and interchange fees have contributed to decreased investments in ATMs.

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Article Details

Category: BusinessFinance

Markets: IndiaHong Kong

Topics: UPI Digital Banking in india Digital payments India banks ATM decline Public sector bank consolidation Digital infrastructure Cash circulation RBI data Latest banking news ATM news today ATMs reduction Off-site ATMs Banking transformation ATM in India news Decline in ATM usage ATM trends

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 12:52:32 (12 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 373 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23468506

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Year Established: 1975

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Coverage Areas: India

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