Monthly Average Cash Withdrawals Rise by 5.51% in FY24

Despite digital payment advancements, India's cash withdrawals from ATMs grew 5.51% in FY24 to Rs 1.43 crore monthly, with metro areas seeing a 37.49% increase. Karnataka led with Rs 1.83 crore per ATM yearly, followed by Delhi and West Bengal. Cash withdrawals increased in metros (10.37%), semi-metros (3.73%), and rural areas (3.94%). The report also highlights a surge in spending on media and entertainment (29.30%) and fast-moving consumer goods (16.76%) in FY24.

India's leading cash logistics company CMS Infosystems on Monday said there has been a 5.51 per cent growth in the monthly average cash withdrawals from an ATM at Rs 1.43 crore in FY24.

In an annual report, which comes amid bigger strides being made by digital payment modes like UPI that has led to notion of decline in cash usage, the company said monthly average automated teller machine (ATMs) cash withdrawals were at Rs 1.35 crore in FY23. The average cash withdrawn increased 10.37 per cent in the metros, followed by a 3.94 per cent increase in SURU (semi-urban and rural) and a 3.73 per cent increase in semi-metros, it said.

ATM cash withdrawals in metro locations have grown at 37.49 per cent, whereas SURU witnessed 12.50 per cent growth in ATM cash withdrawals, the report by the company, which manages nearly half of the country's ATMs, said.

In the case of state-run lenders, 49 per cent of the ATMs are located in metropolitan and urban areas, whereas for the private sector lenders, the same number stands at 64 per cent, while the remaining ATMs are in semi urban and rural areas for both the cohorts.

Karnataka led the country in terms of absolute withdrawals per ATM with an annual average withdrawal of Rs 1.83 crore and was closely followed by Delhi at Rs 1.82 crore and West Bengal at Rs 1.62 crore, the report said.

The report titled 'Unfolding India's Consumption Story' said the average spending in the media and entertainment sector increased by 29.30 per cent in FY24, while the spending on fast moving consumer goods rose 16.76 per cent in FY24 after the 21.94 per cent decline in FY23.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)