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Bad Loans-Ridden Banks Shutting Down ATMs to Controls Costs
June 28, 2018
Several Public Sector Banks (PSBs) including Dena Bank and Indian Overseas Bank (IOB) that are facing a time of crises due to massive bad loans are now shutting down ATMs across the country at a record pace to cut costs. Although, this is causing harm too as they are offering more opportunities for their competitors to gain the market share.
As per the data with the Reserve Bank of India (RBI), nearly 1,635 ATMs were shut down last year under its Prompt Corrective Action scheme. However, the total number of ATMs in India have increased by 107 still, thus hinting that the rival banks have spread their ATM network.
Photo credit: HerryLawford on VisualHunt / CC BY
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