Indian banks are reducing ATMs and cash recyclers even as cash circulation hits record levels, driven by the popularity of digital payments, particularly UPI, and a push for digital transformation. Between September 2023 and 2024, ATMs in India dropped from 219,000 to 215,000, with off-site ATMs seeing the sharpest decline. Experts suggest banks are rebalancing physical and digital networks to serve customers efficiently. With low ATM density—just 15 ATMs per 100,000 people—RBI rules on transaction limits and fees further discourage ATM investments