Banks Consider Shifting Cash Management Operations After AGS Transact Hit

Banks affected by the liquidity problems at AGS Transact Technologies are looking into transferring their cash management services to different providers to reduce inconvenience for their customers. AGS, which is the second-largest firm in India for ATM servicing and cash management, oversees cash for 32,151 ATMs, handling an average daily cash replenishment of ₹1,933 crore. The company has failed to meet its repayment obligations because of these liquidity challenges. As a result, banks are considering other providers to maintain seamless operations.

Source: Business Standard