Between 2013 and 2023, the number of ATMs per hundred thousand persons in India grew from 12.82 to 21.61. From 2013 to 2017, there was a rapid growth, with annual increases slowing down from 38.3% in 2014 to just 3.92% in 2017. The period from 2018 to 2023 witnessed fluctuations, including minor declines in certain years and a modest growth recovery. By 2023, the compound annual growth rate (CAGR) had stabilized at -0.037%.
The forecast from 2024 to 2028 suggests a stable and marginal growth in the number of ATMs, with a CAGR of 0.15% and a projected growth rate of 0.74% over the five-year period.
Future trends to watch for:
- Integration of ATMs with digital banking services, enhancing user experience and efficiency.
- The potential impact of mobile payment solutions reducing the need for physical ATMs.
- Developments in financial inclusion policies may spur the deployment of ATMs in underbanked rural areas.
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