The customers of the Indian Bank will no longer get Rs 2,000 currency notes in the ATMs, news agency IANS reported.
The customers of the Indian Bank will no longer get Rs 2,000 currency notes in the ATMs, news agency IANS reported. The move is to help the bank’s customers who found it inconvenient to exchange in retail outlets and other places. The cash dispensation would be disabled at all ATMs and cash recyclers on March 1, 2020, the report added. “After withdrawing cash from ATMs customers come into the bank branches to exchange Rs 2,000 notes for smaller denomination currency notes. In order to avoid that we have decided to stop the loading of Rs 2,000 denomination notes in ATMs with immediate effect,” IANS reported citing an unidentified Indian Bank official. However, the customers can withdraw Rs 2,000 currency notes from bank branches, the report also said, adding that the account holders can also deposit them at bank branches and ATMs.
In November 2019, Finance Minister Nirmala Sitharaman had said that the hoarding of Rs 2,000 currency notes has fallen as the seizure of unaccounted cash stocked in this denomination has seen fall over the last three financial years. Nirmala Sitharaman then said in a written reply to a question in the Rajya Sabha that while cash seized was over 60 per cent in FY18 and FY19, it fell to just over 43 per cent so far in the current financial year.
“The percentage of unaccounted cash seized in the denomination of Rs 2,000, out of the total cash seized, is 67.91%, 65.93% and 43.22% in financial years 2017-18, 2018-19 and the current financial year till date, respectively,” Nirmala Sitharaman said. Meanwhile, According to the government’s bank-merger plan, Allahabad Bank and Indian Bank will merge together.