CMS Infosystems, India’s leading cash logistics company, reported a 5.51% growth in monthly average cash withdrawals from ATMs in FY24. The report highlights the steady demand for cash across the country and different cash usage patterns in metro, semi-urban, rural, and semi-metro areas. It also reveals the distribution of ATMs across different regions and the states with the highest cash withdrawals per ATM. The report also sheds light on the positive outlook for consumption and economic activity in India.
The Sensex rallied by 491 points and closed at 71,848, driven by foreign fund buying despite a weak overnight close for Wall Street stocks. Banking & financial stocks contributed the most to the gain. Minutes of the US Fed’s last meeting indicating rate cuts in 2024 cheered local investors. The market rebounded from its two-day fall, led by a rally in real estate stocks.
Consumption of petrol and diesel rose in September due to increased vehicle sales and expanding economic activity, according to sales data. Private retailers are regaining market share, leading to a decline in diesel sales for state companies. Jet fuel sales showed increased air traffic, and cooking gas consumption also rose. The monsoon months typically see a decline in diesel consumption due to rains affecting demand in the agriculture sector and slowing vehicular movements.
