Money & Banking

RBI moves to recalibrate all ATMs

Our Bureau Mumbai | Updated on January 15, 2018 Published on November 14, 2016

SS Mundra, RBI Deputy Governor

Sets up task force headed by Deputy Governor SS Mundra

The Reserve Bank of India has set up a task force for expeditious reactivation of all ATMs in a planned manner as recalibration of these machines for dispensing ₹500 and ₹2,000 denomination banknotes in the Mahatma Gandhi (New) Series involves multiple agencies and is a complex operation requiring immense coordination among them. Despite all ATMs remaining shuttered for two days — November 9 and 10 — for re-calibration, following the government demonetising ₹500 and ₹1,000 bank notes with effect from November 9, less than half the number are understood to be up and running. According to RBI data, as on September-end 2016, India had 2,18,542 ATMs.

The reasons being cited by bankers for non-functional ATMs include technical and logistical problems, and cash getting depleted faster due to demand as the ATMs so far have been loaded with only ₹100 and ₹50 notes.

The task force has been set up under the chairmanship of SS Mundra, Deputy Governor, RBI. The RBI underscored that ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Reactivation of ATMs extends the availability and disbursal of notes for customers of banks at a convenient time and location in a judicious mix of higher and lower denominations.

Re-calibration of ATMs involves multiple agencies — ATM manufacturers, National Payments Corporation of India (NPCI), and switch operators.

Published on November 14, 2016

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