Suryoday Bank to shut down ATMs from October 1
To ensure that customers are not affected by the move, it is considering increasing the number of free cash withdrawals available to them.
Due to viability problems, Suryoday Small Finance Bank informed its customers that it would stop operating its ATM network with effect from October 1. To ensure that customers are not affected by the move, it is considering increasing the number of free cash withdrawals available to them.
“We are not seeing much cash transactions today. Currently, no one walks to an ATM to withdraw cash due to the facilities like AEPS, UPI, and wallets, and having a small network of ATMs was no longer practical,” stated R Baskar Babu, cofounder and CEO of Suryoday Small Finance Bank.
The small finance bank has only 26 ATMs and 550 branches. The Bank intends to expand its network of micro ATMs. “Nearly 80% of the company’s revenue is generated digitally, and clients have embraced digital banking. As a result, it was pointless to invest money in maintaining a tiny network of ATMs. As a result, we chose to shut down our own network and enable third-party ATMs to operate,” he explained.
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