1. Demonetisation drive: Half of all ATMs to start functioning by next week

Demonetisation drive: Half of all ATMs to start functioning by next week

Battling the rush at bank counters even seven days after demonetisation of high-value notes, the government on Wednesday said nearly one lakh ATMs would be recalibrated within a week to dispense the new R500 and R2,000 notes to increase cash supply.

By: | New Delhi | Published: November 17, 2016 6:31 AM

Battling the rush at bank counters even seven days after demonetisation of high-value notes, the government on Wednesday said nearly one lakh ATMs would be recalibrated within a week to dispense the new R500 and R2,000 notes to increase cash supply.

Nearly 50% of ATMs are likely to be recalibrated in a week to dispense the new high-value notes besides R100 ones,” a senior finance ministry official said.

There are about two lakh ATMs in the banking system, but these could only dispense R100 notes as the new notes could not fit in three out of the four trays used earlier for the old R500 and R1,000 notes. This resulted in massive queues in front of ATMs and bank branches across the country, leading to hours of waiting and inconvenience.

With more than R4 lakh crore cash deposited in the banking system in the past one week, the demand for new notes has also shot up. To meet the rush for cash, printing of R500 notes has been stepped up, another official said, adding that there was adequate supply of R2,000 notes.

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