ATM Cash Withdrawals In India Surge By 5.51% In FY24: Report
In an annual report, which comes amid bigger strides being made by digital payment modes like UPI that has led to notion of decline in cash usage, the company said monthly average automated teller machine cash withdrawals were at Rs 1.35 crore in FY23.
India's leading cash logistics company CMS Infosystems on Monday said there has been a 5.51% growth in the monthly average cash withdrawals from an ATM at Rs 1.43 crore in FY24.
In an annual report, which comes amid bigger strides being made by digital payment modes like UPI that has led to notion of decline in cash usage, the company said monthly average automated teller machine cash withdrawals were at Rs 1.35 crore in FY23.
The average cash withdrawn increased 10.37% in the metros, followed by a 3.94% increase in SURU (semi-urban and rural) and a 3.73% increase in semi-metros, it said.
ATM cash withdrawals in metro locations have grown at 37.49%, whereas SURU witnessed 12.50% growth in ATM cash withdrawals, the report by the company, which manages nearly half of the country's ATMs, said.
In the case of state-run lenders, 49% of the ATMs are located in metropolitan and urban areas, whereas for the private sector lenders, the same number stands at 64%, while the remaining ATMs are in semi urban and rural areas for both the cohorts.
Karnataka led the country in terms of absolute withdrawals per ATM with an annual average withdrawal of Rs 1.83 crore and was closely followed by Delhi at Rs 1.82 crore and West Bengal at Rs 1.62 crore, the report said.
The report titled 'Unfolding India's Consumption Story' said the average spending in the media and entertainment sector increased by 29.30% in FY24, while the spending on fast moving consumer goods rose 16.76% in FY24 after the 21.94% decline in FY23.
