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.
Maruti Suzuki, Hyundai Motor, Tata Motors and Renault India achieved the highest-ever share of sales from rural markets in 2023, driven by improved consumer sentiments and increased liquidity among the rural population. However, rural demand for FMCG and consumer durables was impacted by inflationary pressures.
