Why do ATMs in Adilabad frequently run out of money? “The cash withdrawals are unusually high in this town, often the cumulative figure reaching Rs. 5 crore per day,” replied an official of a top bank in Adilabad.
In addition, the withdrawals through regular banking transactions sometimes amount to a high of about Rs. 15 crore per day cumulatively in various banks. The quantum of withdrawn cash has perplexed financial experts as the area is considered to be among the most economically backward places.
According to statistics revealed in the intensive household survey conducted on August 19, Adilabad has 33,528 households and not all have a bank account. There are nearly 40 ATMs maintained by the 30 bank branches dispensing cash to thousands of customers in the town.
Busiest ATMsThe State Bank of Hyderabad and State Bank of India have three ATMs located in the SBH main branch, Collectorate Chowk and near Nalanda College bus stand. These are the busiest of all ATMs and account for about Rs. 2 crore in withdrawals on busy days, according to a bank official. “Most individuals have multiple cards from different banks as well as from the same bank,” the bank official said, revealing another fact relating to financial transactions of Adilabadis. Many customers prefer to withdraw money from ATMs instead of regular banking as the multiple cards guarantee anonymity.
“Yes, those customers prefer anonymity. This is why they do not withdraw large amounts of cash at one go during banking hours,” says another bank official. The banker said there are individuals who withdraw even Rs. 2 lakh to Rs. 3 lakh everyday by using their cards in ATMs of different banks. Such withdrawals empty the machines of currency notes soon, the banker pointed out.
