Bank of India may shut 700 ATMs by February-end

In a cost-cutting drive, Bank of India will shut 400 ATMs and will take a call on closing a further 300 ATMs by the end of February, reports Business Standard. Officials at the public sector lender said the move is a part of a turnaround plan that aims to cause minimal inconvenience to customers. The plan involves the bank analyzing customer requirements, usage pattern and locations before shutting the ATMs. In April, it reduced the number of ATMs to 7,717 from 7,807 ATMs in December.