The ATM story: Banks move to cash recyclers from just dispensers

Indian banks, led by public sector lenders, are shifting from traditional cash-dispensing ATMs to cash recyclers that both dispense and accept cash, reducing replenishment costs and improving uptime. More than 15,000 ATM units are expected to come up for cash recycler RFPs, with nearly 77% belonging to PSBs; Punjab National Bank, Union Bank of India and Bank of India are among those issuing such RFPs. India's ATM base has expanded to about 246,000 from 221,000 in 2018-19 and is projected to reach about 275,000 by 2029-30, with the outsourced segment growing faster to nearly 170,000 from about 120,000 as of September 2025.