Suryoday Small Finance Bank (SFB) has informed its customers that it is shutting down its automated teller machines (ATMs) from tomorrow. “Due to operational reasons Suryoday Bank’s ATMs will be discontinued w.e.f. 1st October 2021,” the bank said on its official website.
Customers will be able to use their Suryoday Bank ATM/Debit Card at most ATMs of other banks for cash withdrawal. In addition to this, customers will also be able to use both internet banking and mobile banking 24X7.
The bank is planning to formulate a strategy where it would offer its customers five to seven free transactions per month when they use the ATM network of other banks to withdraw cash.
As of June 30, 2021, the SFB had a total of 555 banking outlets out of which liability-focused outlets were around 97 and the total employee count was nearly 5,072.
“We realised that far too many customers were not using our ATMs, we could not make it a profit center, and hence we decided that we give customers free transactions on other bank ATMs rather than continuing with these machines,” R Bhaskar Babu, MD, Suryoday Small Bank Finance was quoted as saying by Economic Times.
Suryoday Bank will be now focusing on strengthening its doorstep banking facilities, digital offerings, and business correspondent network. In its annual report, Bhaskar Babu said that the bank’s core mission for the next three years will be to build financial robustness for their customers using digital channels, which will be easy to operate and will provide holistic product options for wealth-creating and super user experience.
The bank currently has a network of more than 5,000 business correspondents, which is expected to increase substantially. It also has more than 500 branches across the country.
SFB holds a strong presence in Maharashtra, Tamil Nadu, and Odisha. It had reported Rs 48 crore loss in the quarter ended June 30, 2021, on account of a write-off, provision on restructuring as well as the earnings impact on account of lower disbursements due to the second wave of the COVID-19 pandemic. It had earlier reported a net profit of Rs 27 crore in the year-ago quarter.
(Edited by : Aditi Gautam)
First Published: IST