Money & Banking

RBI sets up task force for expeditious reactivation of all ATMs

Our Bureau Mumbai | Updated on January 15, 2018

The Reserve Bank of India (RBI) has set up a task force for expeditious reactivation of all ATMs in a planned manner in view of the fact that re-calibration of these machines for dispensing ₹ 500 and ₹ 2,000 denomination banknotes in Mahatma Gandhi (New) Series involves multiple agencies and is a complex operation requiring immense coordination among them.

This move follows the government demonetising Rs 500 and Rs 1,000 bank notes with effect from November 9. Despite all remaining shuttered for two days, November 9th and 10th, for re-calibration, not many are up and running due to technical problems.

The task force has been set up under the Chairmanship of S. S. Mundra, Deputy Governor, Reserve Bank of India.

The RBI said ATMs play a vital 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.

Re-calibration of ATMs involves multiple agencies – banks, ATM manufacturers, National Payment Corporation of India (NPCI), Switch Operators, etc., and multiple activities making it a complex operation requiring immense coordination among these agencies.

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Published on November 14, 2016
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