India currently has an installed base of 240,000 ATMs. Most of these, are owned by Banks while a small number of them (~11%) are white label. And the number of ATMs is currently growing at a very modest pace. In the last 3 years, the number of ATMs has increased by a modest less than 10%.

But the last few quarters have seen the rise of micro-ATMs. Deployed largely in rural or semi-urban areas, the number of micro-ATMs has more than doubled since this data started becoming available in November-2019. As of September-2021, there were over 500,000 micro-ATMs in the country up from 235,000 micro-ATMs as of November-2019. There are thus now more than two micro-ATMs for every traditional ATM in the country.

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