Banking News

Cash withdrawals at ATMs rise 235% since 2016 demonetisation

Mumbai: Cash is still king more than 76 months after demonisation. Cash withdrawals from ATM rose 235% to ₹2.84 lakh crore at the end of March 2023, data released by CMS Infosystems a banking logistics and technology services provider, showed.

The pan-India ATM cash replenishments carried out by CMS Info Systems witnessed an annual growth of 16.6% in fiscal year 2023.

“We have seen 10.1% growth in monthly average cash replenishment at ATMs and a strong 1.3X increase in average cash collection per point with e-commerce companies in FY23,” said Anush Raghavan, president, Cash Management Services, CMS Info Systems.

Maharashtra, Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh together accounted for 43.1% of the total ATM cash replenished by CMS Info Systems across the country.

Incidentally, these are the top 5 states with maximum gross state domestic product (GSDP) in fiscal year 2022, according to CMS Infosystems.

Karnataka saw the highest annual average cash replenishment per ATM at ₹1.73 crore in FY23, which was 18.1% higher than ₹1.46 crore cash replenished per ATM during FY2022.

Chhattisgarh saw the second highest cash replenishment of ₹1.58 crore in FY23, but there was a decline of 2.1% over ₹1.62 crore in FY22.

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