For the average Indian, ATM translates to Any Time Money. And the usage of ATM machines in the country is increasing by leaps and bounds, data from the National Paym-ents Corporation of India (NPCI) has shown.
The number of installed ATMs or Automated Teller Machines increased by 29% to 69,324 in 12 months, from January 2010 to January 2011.
The amount of cash withdrawal has gone up by 142% to Rs 27,655 crore in January this year from Rs11,429 crore in January 2010. Also the number of transactions that include balance inquiry and number of cash withdrawal has increased by 121%, touching Rs12.5 crore at the end of January 2011, the NPCI data showed.
One important reason for the increasing popularity of ATMs in India is the bouquet of services that they offer, say experts. In their early days, they were used only for withdrawing money, but ATMs today have turned into mini financial stores offering services like money transfer, mobile and electricity bill payment, etc.
“Growing use of ATMs signifies the transition of Indian society from a developing to a developed economy,” M Narendra, chairman and managing director, Indian Overseas B