Rs 100 crore likely to be spent to recalibrate ATMs for Rs 100 notes
Posted on: 21/Jul/2018 5:37:46 PM
According to latest sources, there are several challenges involved in calibrating ATM machines towards introduction of Rs 100 notes. This needs an investment of Rs 100 crore for recalibrating all the 2.4 lakh machines. There is already efforts being taken to recalibrate machines for the latest Rs 200 denomination notes, and the introduction of Rs 100 notes is an added burden.
All the ATMs need to be recalibrated for the new Rs 100 notes. There are totally a sum of 2.4 lakh ATM machines needing recalibration, says V. Balasubramanian, the FSS president. He further adds that it is a challenge to calibrate the machines for old as well as new Rs 100 notes. The decision on continuing use of old Rs 100 notes and introduction of new notes into the ATM channel will decide whether to calibrate the machines or not.
There is a possibility of imbalance crated between new notes supply and withdrawal of old ones mainly in hinterland, says Radha Rama Dorai, the MD of ATM and related services on FIS.
If there is a gap created between supply of new currencies and old currency withdrawal, there may be a crisis created due to the imbalance.
A sum of Rs 100 crore will be needed for recalibrating Rs 100 notes. It may take about 12 months to encompass all the 2.4 lakh ATM machines across India.
Still, the calibration for Rs 200 notes is not completed. Hence, naturally more time will be taken to calibrate ATMs for the new Rs 100 notes.
