Cash withdrawals from ATMs fell to Rs 1.28 lakh crore in April from Rs 2.51 lakh crore in March, reveals a new report by RBI
New Delhi: Withdrawal of cash from ATMs went down by almost 50 per cent in the month of April following the nation wide lockdown put in place to control the spread of COVID-19 in India.
The cash withdrawals from ATMs in April fell to Rs 1.28 lakh crore from Rs 2.51 lakh crore for the month of March, revealed a report by Reserve Bank of India (RBI).
While in February, the total withdrawal from ATMs was Rs 2.86 lakh crore.
Along with ATMs, all other channels of payment systems also saw a sharp decline in transactions in April as compared to previous months, according to RBI report.
RBI also stated that these are strong indicators on the impact of lockdown in economic activities.
ATM manufacturers also stated that other valid reasons for such a strong decline in withdrawals may be due to the consumers trying to conserve liquidity during the lockdown.
India now has around 2.4 lakh operational ATMs in the country with Hitachi managing over 55,000 of them.