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Re-calibrated ATMs may dispense Rs 2000 from today

As Announced By Economic Affairs Secretary Shaktikanta Das, ATMs Across The Country May Begin Dispensing Rs 2,000 Notes From Tuesday After All ATMs And Cash Dispensing Machines Get Recalibrated.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 15 Nov 2016, 09:16:33 AM
Reserve Bank of India - File Photo

New Delhi:

As announced by Economic Affairs Secretary Shaktikanta Das, ATMs across the country may begin dispensing Rs 2,000 notes from Tuesday after all ATMs and cash dispensing machines get recalibrated.

Reserve Bank of India (RBI) has formed a task force under deputy governor SS Mundra to re-calibrate all ATMs and cash dispensing machines with the new Rs 500 and Rs 2000. 

Dispensation of notes to ATMs has been an issue for the last three days after the old Rs 500 and Rs 1,000 notes were pulled out from circulation from midnight on Tuesday. Many ATMs have still not been stocked with the new notes and are shut even as Rs 100 denomination notes are in short supply. 

The currency demonetisation to curb black money in the economy has created a short-term liquidity crunch among citizens as ATM's across the nation faced technical issues related to calibration in dispensing the new currency notes.The central Bank has been quick to address the issue and come out with a task force for resolve the currency dispensation issue.

The task force constituted for re calibration and reactivation of ATMs shall help in giving broader directions and guidance for aiding the successful implementation of ATMs re-calibration. The re-calibration of the ATMs is a must for bringing out a structured approach in dispensation of the new currency notes. 

The Mundra led task force will comprise of representatives from the government, large banks like SBI, Axis Bank, ICICI Bank and HDFC Bank, National Payments Corporation of India and select channels.

Here are the key points which cover the RBI's press release on the constitution and functioning of the task force:

1. Re-calibration of all ATMs/ Cash handling machines necessary to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Bank notes including a new High Denomination (₹ 2000) in new designs.

2. ATMs to play a pivotal role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenient time and location in judicious mix of higher and lower denominations.

3. Involvement and coordination of multiple agencies like banks, ATM manufacturers, National Payment Corporation of India (NPCI), Switch Operators, etc, required for successful Re-calibration of ATMs.

4. Task Force has been set up under the Chairmanship of Shri S. S. Mundra, Deputy Governor, Reserve Bank of India to provide direction and guidance - 

The Task Force will comprise:

Representatives from Government of India, Ministry of Finance, Department of Economic Affairs, Member

Representatives from Government of India, Ministry of Finance, Department of Financial Services, Member

Representatives from Government of India, Ministry of Home Affairs, Member

Representatives from four banks with largest ATM network, viz., State Bank of India, Axis Bank, ICICI Bank and HDFC Bank, Member/s

Representative from NPCI, Member

Chief General Manager, Department of Currency Management, Member

Chief General Manager, Department of Payment and Settlement System, as Member Secretary

5. A representative each of ATM office equipment manufacturers (OEMs), Managed Service Providers, cash in transit (CIT) companies and white label ATM (WLA) operators to be invited to the Task Force’s deliberations. The Task Force may also invite others as may be needed.

6. Terms of Reference of the Task Force would be as under: Expeditious reactivation of all ATMs in a planned manner.

7. DPSS, CO to provide the secretarial support.

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First Published : 14 Nov 2016, 03:28:00 PM