India added 9% new ATMs in the financial year ended March 2016 compared with 25.4% in 2008-09 and 37.8% in 2009-10, central bank data show. "We had slowed down our branch and ATM plans significantly even before these changes: After demonetisation , the digital drive has ac-celerated," says Dipak Gupta, joint managing director, Kotak Mahindra Bank "Will ATMs vanish? I don't think they will vanish but the means to withdraw money may change. It's a service you give to your customer and you don't expect to make profit out of it." Currency controls brought about by the November 8 initiative and the subsequent drive toward a digital marketplace would likely further slow the rate of ATM expansion.

Source: Economic Times January 27, 2017 19:30 UTC