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Indian Banks Are Shutting Down ATM Machines Because of UPI and Digital Payments 4000 ATM Machines Closed in Last 1 Year Cash Circulation in India is Still At All Time Record High of Over ₹34.70 Lakh Crore India Has Only 15 ATMs For 1 Lakh People

Why Banks are preferring UPI for ATM cash withdrawal instead of traditional Cards No Physical Card Production: Issuing debit cards costs banks money (around Rs 150-200 per card for production, shipping, and activation). UPI eliminates this by workin

A story on ATMs - Total number of ATMs India had at the end of fy23 was 1.31 lakhs. These are standalone ATMs that aren't inside a bank's branch. This figure is about 1.5% more than last year. This tiny growth isn't driven by banks, but instead by

In the last five years, cash withdrawals initially increased but are now declining, while the number of ATMs is steadily decreasing. 1. Cash Withdrawals Growth → Then Fall Growth till 2022–23, now falling. Digital payments like UPI, QR codes, wall

[PART -1 ]UPI is set to phase out debit card, and we will be here witnessing it :- - UPI is to introduce a new feature "UPI Circle" that allows users to delegate payment authority to family members or friends. So it basically enables primary account

How ATMs Make Money – Let's Find Out! 🤑💸 1. Transaction Fees: When you withdraw money from an ATM, you are charged a certain fee. This fee goes to the ATM operator and is a significant source of their income. 2. Balance Inquiry Fees: Checking yo

The Reserve Bank of India has directed banks to ensure that ATMs dispense ₹100 and ₹200 notes. This move aims to make these widely used denominations more accessible to the public.

The Rise of Digital Payments in India India's digital payments landscape has witnessed a remarkable transformation in recent years, driven by government initiatives, technological advancements, and changing consumer behavior. The country's large popu

Free Payments for Us Big Losses for Them The UPI Puzzle UPI has become a daily part of life in India People use it everywhere from paying at a tea stall to buying groceries to transferring money to friends In July 2025 more than 15 billion transacti

The Reserve Bank of India (RBI) and NPCI International Payments (NIPL) plan to extend the Unified Payments Interface (UPI) to 20 countries by the FY29.