The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
Bankers and executives involved in ATM operations said challenges abounded in this segment.
The government has approved 16 projects envisaging foreign investment worth Rs 1,647 crore (Rs 16.47 billion), while deferring Punj Lloyd's proposals for lack of security clearance.
The poor deployment of WLATMs has tripped what the central bank sought to achieve back in 2012.
The start-up story appears to be losing its sheen due to corporate misgovernance, financial mismanagement and gender discrimination.
Attractions range from start-up challenges to non-monetary perks; employee stock options also play a role.
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