Debate Over ATM Availability in Rural Areas Heats Up
In the latest House commerce committee meeting, the scarcity of ATMs in rural regions sparked a heated debate among deputies. The committee, led by Kyriakos Hadjiyiannis of Disy, criticized banks for their perceived lack of social responsibility in providing sufficient ATM services to the elderly and those living in less populated areas.
Hadjiyiannis expressed his disappointment after banks rejected his plea to increase the number of ATMs, citing their focus on new technologies and methods like cashback services. He accused the banks of being solely profit-driven, stating, “I am sorry because at the end of the day our banks only take, they absorb profit from people without returning anything at all.”
Akel’s deputy Costas Costa joined the criticism, portraying bankers as out of touch with the struggles faced by pensioners in remote villages. He lamented the additional hardship caused by the “scandalous closure of the cooperative bank,” which he believes exacerbated the problem.
However, banks have defended their stance, explaining that operating ATMs, especially in areas with low transaction volumes, is a costly affair. They argue that as businesses, they are entitled to make decisions that enhance their profitability—a crucial element for economic growth and job creation. Despite this, Costa described the banks’ stance as “offensive, provocative and unacceptable.”
The discussion also touched upon the broader issue of profitability in business. While some deputies view profit-seeking as morally questionable, the banks maintain that profitability is essential for a thriving economy. The collapse of the cooperative bank was cited as a cautionary tale of what can happen when financial institutions prioritize social responsibility over financial viability, ultimately resulting in taxpayer-funded bailouts.
This ongoing debate highlights the tension between social responsibility and profitability, with implications for both rural communities’ access to financial services and the broader health of the economy.
