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Introduction
Positives
-The number of ATMs in India has doubled in the past three years.
Currently, there are more than 100,000 ATMs, around 70% of them in
urban locations.
Negatives:
-For small transactions, cost of using credit or debit cards is very high,
both for banks and vendors. This is a bottleneck in expansion of
electronic payments
-A large chunk of the Indian population still does not have access to
formal banking channels, let alone the newer alternatives. According
to RBI, there were around 1,47,000 bank outlets for more than
6,00,000 villages in India.
Conclusion
Despite this, branches are unlikely to die, despite ATMs, laptops and
smartphones becoming primary platforms for daily banking. Branches
will continue even after the new modes spread to rural areas.
However, branches will eventually handle just sales with banking
services being taken care of by alternative channels, at least in urban
centres.
Interaction with customers at branches is essential for bank
executives to spread awareness about products and services on offer.