Reply to Parliamentary Question on adequate provisions of ATMs in HDB precincts

QUESTION NO 40

NOTICE PAPER 5 OF 2016

FOR WRITTEN ANSWER

Date: For Parliament Sitting on 1 March 2016

Name and Constituency of Member of Parliament

Dr Tan Wu Meng, MP, Jurong GRC

Question:

To ask the Prime Minister what are the measures taken by MAS to ensure that retail banks have adequate provisions of automated teller machines (ATM) in HDB precincts so that residents need not walk significant distances to find an ATM.

Answer by Mr Lawrence Wong, Minister for National Development on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister in Charge of MAS:
 
1   There are currently over 2,700 ATMs distributed across Singapore, of which more than 2,300 are operated by the three local banks. This works out to almost four ATMs per square kilometre, which is comparable to the ATM coverage in other major cities, such as Hong Kong and Sydney. 

2   Banks take into account factors such as human traffic and the demand for cash in each area when locating their services. Many ATMs are therefore sited at high density locations like MRT stations, bus interchanges, neighbourhood town centres and food centres.

3   In addition, banks like DBS/POSB and HSBC have partnered large retailers to provide cash-back services. For example, DBS/POSB customers may withdraw cash from their bank accounts, when making payments at any 7-Eleven, Cold Storage, Giant, Guardian or Sheng Shiong store. Customers may also deposit and withdraw cash at SingPost outlets. Customers therefore have the convenience of conducting banking transactions when running other errands.

4   In general, based on the availability of bank branches, ATMs, Cash Deposit Machines and non-bank cash withdrawal points across the island, there is adequate access to basic banking services in Singapore. MAS will however continue to monitor banks’ provisions of such services, to ensure convenient access to ATM services. 

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Last Modified on 26/11/2016