18 PSU banks failed to meet FY'14 target of setting ATMs

18 PSU banks failed to meet FY'14 target of setting ATMs
Eighteen public sector banks, including SBI and PNB, failed to fulfil the target for installing ATMs during 2013-14, leaving more than over 9,300 branches without cash vending machines, said the media report.

As part of the target, a total of 34,668 onsite ATMs were to be installed by PSU banks during the last fiscal. However, they could set up only 25,331 such machines by March 2014, thus falling short by 9,337, as per Finance Ministry data, reported PTI.

Installation of Automatic Teller Machines (ATMs), especially by public sector lenders, has been a major priority for the government's efforts to ensure financial inclusion. Pursuant to Budget 2013-14 announcement, public sector banks were required to ensure an onsite ATM in ever branch.

As on March 2014, Allahabad Bank was yet to set up 1,950 ATMs, Central Bank of India 1,620, Syndicate Bank 1,085, Bank of India 7,44, State Bank of India (SBI) 696, Indian Overseas Bank 553 and Punjab National Bank (PNB) 499. On the other hand, Bank of Baroda, Bank of Maharashtra, Canara Bank, IDBI Bank and the four associates of SBI managed to meet the targets given to them.

There are roughly about 1.4 lakh ATMs of public and private sector banks in the country. Financial inclusion aims to extend financial services to the large hitherto un-served population of the country. In addition, it strives towards a more inclusive growth by making financing available to the poor in particular.

Dion Global Solutions

Read more about: sbi, pnb, allahabad bank
Story first published: Monday, June 16, 2014, 9:10 [IST]
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