When will the new Rs. 200 currency notes dispensed from ATMs?
Posted on: 18/Oct/2017 10:43:59 AM
The news has been gathered that the new Rs. 200 currency notes introduced recently by the Reserve Bank of India will be dispensed from the bank ATMs only after the start of the New Year 2018.
This delay is attributed to the extreme reluctance of the banks to carry out the necessary modifications required for including the new Rs. 200 currency notes.
The director of a company maintaining ATMs explained on this issue that they have not received a single request from the banks for modifying the existing ATMs to accommodate the new Rs. 200 currency notes.
However, they have carried out the modifications some ATMs of some banks.
As most of the banks are reluctant to do this, there is an inevitable delay in the dispensation of Rs. 200 notes from bank ATMs.
It is understood that the banks had to spend a huge amount to introduce the new Rs. 2000 and Rs. 500 currency notes released after the demonetization. Now, they feel the pinch having to spend again for accommodating the new Rs. 200 currency notes.
Rakesh Sharma is MD & CEO of Canara Bank, explained that most people think it is easy to carry out changes in ATMs. However, this is not so easy and requires some time.
Immediately after the demonetization, the ATM staff worked day and night throughout the country to modify the ATMs on an emergency basis immediately after the demonetization and introduction of the new Rs. 2000 and Rs. 500 currency notes. It required 2 weeks then.
However, there is no emergent situation for modifying the ATMs to accommodate the new Rs. 200 notes. Time is available until the year-end.
Thus, it is gathered that it will be only by the start of the next year when the new Rs. 200 currency notes will be dispensed by the ATMs.
