Finance Ministry target: PSBs needs to install 137 ATMs daily

Posted By: Religare
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Finance Ministry target: PSBs need to install 137 ATMs daily
In a bid to meet Finance Ministry's target of having ATMs at all branches of the banks by March end, the Public sector banks will have to race against time to install 137 ATMs every day, said the media report.

The government has directed public sector banks to have ATMs at all their branches as part of its financial inclusion drive. Finance Minister P. Chidambaram said in his last Budget speech that "public sector banks have assured me that all their branches will have an ATM in place by March 31, 2014."

According to the ministry, all the public sector banks are running behind schedule. The banks, which are required to install onsite ATMs at 34,668 branches by March 31, had set up 5,726 at the end of August.

In the remaining seven months of the financial year, the 26 public sector banks will together have to set up 28,942 ATMs, or an average of 137 every day, added the media report.

As of August end, State Bank of India, the country's largest lender, had 3,339 ATMs left to be installed in the current financial year.

However, Bank of India has 2,586 ATMs to be set up and Allahabad Bank has to install 2,174 ATMs, added the media report.

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