Half of India's ATMs may close down by Mar '19: CATMi

Agencies
November 21, 2018

Mumbai, Nov 21: Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned on Wednesday.

Closure of the ATMs will impact thousands of jobs and also the financial inclusion efforts of the government, the industry body said in a statement.

"Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs," it said.

The industry has reached a "tipping point", the body added.

A majority of the ATMs which can be shut down will be in the non-urban areas, it said, underlining that this can impact the financial inclusion efforts as beneficiaries use the machines to withdraw government subsidies.

The industry body said that recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure.

The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated.

It added that the ATM industry, including managed service providers, brown-label ATM deployers and white label ATM operators (WLAO), is still reeling under the shock of demonetisation.

"The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs," it said.

The only way to salvage the situation for the industry, according to the body, is if banks "step in to bear the load of the additional cost of compliances".

"Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to the large-scale closure of ATMs," it said.

Revenues for providing ATMs as a service are not growing at all due to very low ATM interchange charges and ever-increasing costs, it said, adding that such changes in the landscape were not anticipated while signing contracts with the banks.

The WLAOs have accumulated losses and the compliance costs can result in over 15,000 machines run by them shutting down, the industry body added.

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News Network
May 12,2024

Mangaluru, May 12: In a shocking development, a group of pilgrims which had travelled from Mangaluru International Airport to Saudi Arabia earlier this month, to perform Umrah has alleged that 26,432 Saudi Riyals, which were kept in a bag, have been stolen. 

In a complaint submitted to the Bajpe Police, Soukath Banu, wife of Ahmed Iqbal of Ajyad Tours and Travels, said that her husband, Ahmed Iqbal, along with 35 members, planned and scheduled to perform the Umrah and were travelling from Mangaluru International Airport (MIA) via Mumbai to Jeddah. 

Soukath Banu had given Ahmed Iqbal 2,000 Saudi Riyals for performing Umrah and other expenses. The group members were also told to bring Saudi Riyals to meet their expenses.

In her plaint, Soukath stated that the group had left for Jeddah on an IndiGo flight via Mumbai, and their return ticket to India was booked for May 13. 

At the airport, she said that 26,432 Saudi Riyals were collected in total, and they decided to keep them in baggage that had a lock. Accordingly, it was kept in the bag of Mohammad Badruddin Kadambar. The airport staff had even questioned what he had kept in the bag. 

The group reached Jeddah on May 1. To their surprise, Kadambar found that the baggage lock was broken open, the zip was damaged, and cash was stolen upon reaching Jeddah.

DCP (Law and Order) Sidharth Goyal said that following the complaint, one round of CCTV checks was conducted at the MIA along with the CISF personnel. The loading at the MIA was intact.

Further checks have to be carried out at Mumbai and Jeddah Airport as the victim found out that cash was missing only when they got the bag at the final destination, he added.

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News Network
May 6,2024

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The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

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News Network
May 5,2024

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Maharashtra Leader of Opposition Vijay Namdevrao Wadettiwar waded into controversy after he alleged that an RSS-affiliated cop, and not terrorist Ajmal Kasab, killed former state anti-terrorism squad (ATS) chief Hemant Karkare during the 26/11 Mumbai terror attack.

In a video statement released on Saturday, the Congress leader alleged that the bullet that killed IPS officer Hemant Karkare did not come from the gun of Ajmal Kasab or any of the other nine Pakistani terrorists involved in the attacks.

Instead, he claimed it came from the weapon of a police officer allegedly "dedicated to" the Rashtriya Swayamsevak Sangh (RSS).

Wadettiwar also accused Ujjwal Nikam, the special public prosecutor in the case and a BJP Lok Sabha candidate from Mumbai North Central, of suppressing this information, labeling him a "traitor."

He questioned the BJP's decision to nominate Nikam for the Lok Sabha polls, accusing the party of protecting traitors.

“During the probe, key information was out. However, it was suppressed by Ujjwal Nikam, who is a traitor. My question is, why is BJP protecting a traitor and nominating such a person for Lok Sabha polls? By doing this, BJP is protecting traitors," Wadettiwar alleged, Times of India reported.

These allegations drew strong responses from Nikam and Deputy Chief Minister Devendra Fadnavis.

Nikam condemned Wadettiwar's statement as "baseless and irresponsible," expressing pain at the doubts raised over his integrity.

He emphasized the legal steps taken to convict Kasab, calling Wadettiwar's remarks an insult to the victims of the 26/11 attacks.

“What a reckless statement is being made. I am pained by such baseless allegations, raising doubts over my integrity. It clearly reflects the level of electoral politics. I never thought politicians will stoop to such low levels. For political gain? He (Wadettiwar) is insulting not me, but the 166 departed souls and all persons injured in the 26/11 attacks," Nikam said.

He added, “They (Congress) hold Kasab as innocent. Even Pakistan had accepted that Kasab was involved in the conspiracy and in the terror attack on India and was guilty".

He said Indians very well know the legal steps he had taken to ensure Kasab’s conviction.

Nikam said citizens of the nation would on 4 June, the day of results for Lok Sabha polls, give their reply to such allegations, adding he wished not to dignify the “desperate disinformation” with a further response.

Meanwhile, BJP leader and Deputy CM Fadnavis said, “Our alliance is with Nikam, while Congress has joined hands with Kasab".

Shiv Sena spokesperson Kiran Pawaskar said NIA should arrest Wadettiwar and ask him why he was defending Kasab.

Pawaskar criticized the Congress for allegedly supporting terrorists and expressed surprise at the silence of Shiv Sena chief Uddhav Thackeray on the matter.

“From Wadettiwar’s statement, it appears Congress is supporting terrorists who attacked Mumbai. More shocking is the fact that Sena (UBT) chief Uddhav Thackeray has maintained silence over the episode,” he said.

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