RBI instructs banks to dispense more 100 rupee notes through ATMs

The Reserve Bank of India (RBI) instructed all banks on November 2 to provide more 100 rupee notes through ATMS within the next 15 days. RBI proceeded to give a notification to banks on Wednesday for calibrating 10% of their ATMS and dispensing Rs 100 notes on a pilot basis.

The decision was undertaken after a review done by the regulator observed that very few banks had taken initiatives regarding this perspective.

“In keeping with the objectives of Clean Note Policy and to ensure that genuine requirement of members of public for Rs 100 denomination banknotes are met, the banks should increase dispensation of Rs100 banknotes through ATMs which are widely used for distribution of banknotes for retail use,” RBI said

.RBI has gone a step further as it has asked banks to speed the process of configuring ATMs in the upcoming two weeks as the process is not considered to be very tough.

Banks have also been asked to share feedback of the pilot project after a lapse of two months.