The difficulties could have been avoided if the demonetisation move was taken with advance preparation, said senior bankers.
Since the demonetisation of old high-value currency notes, long serpentine queues of people are apparent across the ATMs to withdraw money. From youths to senior citizens, everyone is facing difficulties as they need to stand for hours to wait for their turn. But it could have been avoided if the demonetisation move was taken with advance preparation, said senior bankers. With increasing the circulation of Rs 100 notes in the economy over the last few months and reconfiguration of ATMS to identify the new currency, the transition could have smooth.
The ATMs contains separate drawers called cassettes in which notes of different denominations are stacked. They are provided with unique ‘pointers’ to identify the currency and dispense the required amount of money in an appropriate combination. But till the cassette holders in the ATMs are reconfigured to identify the new currency notes of Rs 500 and Rs 2,000, they can hand out only Rs 100 notes. This has added to the woes of people. However, the situation could have been avoided if the government and the Reserve Bank of India had increased the circulation of Rs 100 notes in the system over the past couple of months, said a banker to The Indian Express.
Further, the ‘pointers’ for the new Rs 2,000 note could have been provided in advance in all the ATMs to identify the new denominations, said another banker. Asked about the secrecy of the overall step, the banker quipped that the mentioned steps could have been taken without compromising on the secrecy at all.