Demonetisation: 82,500 ATMs recalibrated to dispense new notes - Firstpost
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Demonetisation: 82,500 ATMs recalibrated to dispense new notes


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New Delhi: As many as 82,500 ATMs, which account for about 40 per cent of cash vending machines in the country, have been recalibrated to dispense new high security currency notes of 500 and 2,000 rupees. Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening.

A customer uses his card to withdraw money from an ATM in Jammu October 14, 2008. Indian shares held gains of 1.5 percent on Tuesday, led by Reliance Industries, but investors were circumspect and watchful after a sharp rebound this week on concerted action across the world to rescue the financial sector. REUTERS/Amit Gupta (INDIAN-ADMINISTERED KASHMIR) - RTX9J5L

Reuters

These ATMs have been reset as per the direction of task force set up by the government to expedite the process, Rituraj Sinha, President Cash Logistics Association of India, told PTI.

These have been recalibrated in such a manner that regional balance is maintained while giving priority to rural areas, Sinha, also a member of the task force headed by RBI Deputy Governor S S Mundra, said.

With the recalibration, ATMs are now stocking 50-60 lakh cash and are able to cater to higher demand.

As a result, many ATMs are holding cash longer and queues outside such machines are also getting smaller.

However, before the recalibration, ATMs could hold up to Rs 5 lakh of Rs 100 notes which used to get over very fast. Since the formation of the task force, RBI, banks and cash logistic companies have been working seamlessly, he said, adding that the progress of recalibration of ATMs demonstrates a synergistic approach.

Cash supply has been streamlined to meet the requirements of ATMs and many such machines at various parts of the country have started working round the clock.

On a daily basis, about 12,000 to 14,000 ATMs are getting recalibrated.

"It is our endeavour to move towards normal ATM functioning by the end of this month," he added.

Prime Minister Narendra Modi had on 8 November, in a surprise move, announced demonetisation of 500 and 1,000 rupee
notes.

First Published On : Nov 22, 2016 17:10 IST

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