Suryoday Small Finance Bank Is Shutting Its ATM From October 1; Check Details

Suryoday Small Finance Bank has notified its customers that its automated teller machines will be shut down (ATMs). The bank announced on its website that its ATM services will be discontinued as of tomorrow, October 1.

" Due to operational reasons, Suryoday Bank ATMs will be discontinued w.e.f. 1st Oct 2021. However, you can continue to use your Suryoday Bank ATM/Debit Card at any other Bank's ATM for your cash withdrawal requirements. For other banking services, you can use our Internet Banking and Mobile Banking (24*7)," the bank mentioned on its website.

Suryoday SFB managing director and chief executive officer Bhaskar Babu stated in his annual report address to shareholders last month that the bank is aiming to become a one-stop solution bank through strategic alliances.

Suryoday Small Finance Bank has 550 branches and 26 ATMs. According to Babu, over 80% of business is now digital, therefore investing money to maintain a limited network of ATMs is pointless.

According to sources, the lender is working on a strategy to offer 5-7 free transactions every month, during which customers would be able to use ATMs from other banks.

Suryoday SFB had a total of 555 banking outlets as of June 30, with 97 liability-focused outlets and a total employee count of 5,072 as of June 30. Gross advances increased 13.3% year on year to Rs 4,004 crore, while deposits increased 15.6 percent to Rs 3,317 crore. In July 2021, the bank's provision coverage ratio rose to 70.9 percent, and its collection efficiency improved to 79 percent, thanks to expedited provisioning.

Suryoday Small Finance Bank Ltd. is a banking organization that was founded in 2008. (having a market cap of Rs 1,893.37 Crore). Suryoday Small Finance Bank Ltd.'s loan book growth rate has been steadily falling over the last five years. The company spent Rs 279.97 crore on investing activities, up 67.89 percent year on year.

Shares of the bank were last seen trading at Rs 178.40 on NSE.