Reports of empty ATMs in tiny cities along with rural areas of India conjured memories of Modi’s contentious decision to ban high-denomination banknotes in 2016. The move to ban 500 along with 1,000 rupee notes was designed to address widespread tax evasion along with help digitize the country’s economy. Nonetheless, with around 86 percent of the country’s currency removed by circulation in one stroke, This kind of left millions scrambling for cash for several weeks.
India can be estimated to be home to nearly 0,000 cash machines, according to official data by the country’s central bank. along with which has a population nearing 1.3 billion, This kind of can be thought to have one ATM per 6,500 people.
Meanwhile, according to data published by the globe Bank in 2015, around 21 percent of the globe’s unbanked adults are believed to be based in India.
However, numerous attempts have been made in recent times to try to encourage Indian citizens to open a bank account. In 2014, Modi launched his grand plan for financial inclusion that will extended banking facilities to the huge population residing in rural India. The program also outlined setting up of nearly 20,000 ATMs across the country for easier access to finances.
— CNBC’s Spriha Srivastava contributed to This kind of report.