Highlights

  • Suryoday Small Finance Bank to shut ATMs from October 1
  • Customers can withdraw money from other bank ATMs
  • MD: Futile to run ATMs when use

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This bank has shutdown its ATMs due to low usage

The small finance bank said s not many people were using their ATMs, so it became a viability issue.

Suryoday Small Finance Bank informed its customers on Tuesday that it will shut down its automated teller machines (ATMs).  The bank said it will give users the option to use their debit card at ATMs of other banks as the bank will shut down its ATMs from October 1.

In a testament of a big move to digital transactions, the small finance bank said that ATM usage had dropped drastically and it was not viable to run the cash vending points. The MD of the bank was quoted as saying "We realised that far too many customers were not using our ATMs, we could not make it a profit centre, hence we decided that we give customers free transactions on other bank ATMs rather than continuing to keep these machines".

Suryoday Small Finance Bank has 26 ATMs and 550 branches.

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