India: ATM number to hit 200,000 by 2016

The number of ATMs in India is expected to reach 200,000 by 2016, a recent study indicates.

According to ?The Indian ATM Industry: Gearing Up for the Next Phase of Growth" report released by international financial research and consulting firm Celent, the Indian ATM industry has witnessed rapid growth in the past decade. Results show that the number of ATMs has doubled in the last three years, reaching 99,218 ATMs in June 2012. Therefore, the industry is expected to continue on the path of high growth.

The same source unveils that 50 to 60 percent of the new ATMs will be deployed in tier 2 and 3 cities, while tier 1 cities will grow at around 20 percent.

The report points out that the biggest push has come from India's central bank and banking regulator, the Reserve Bank of India (RBI). RBI and the government have been focusing on the issue of financial inclusion for some time now. A large proportion of India's population remains unbanked or under-banked. Banks have traditionally targeted urban areas for setting up new branches and ATMs due to higher population density and relatively lesser investment in infrastructure.

According to the findings, about 30 to 40 percent of ATMs will be managed under the managed services model, while the rest will fall under complete outsourcing. However, since many banks have already built up a significant ATM base, they are unlikely to completely abandon their role in ATM management.
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Source: http://feedproxy.google.com/~r/thepaypers/cfKW/~3/zx7uGEfhGVI/748898-0

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