ATMs may take three months to dispense Rs 200 notes

While the Reserve Bank of India(RBI) launched the 200-rupee note a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency as it will involve a huge exercise of recalibration.

Some banks have even asked the ATM companies to begin testing the new note for recalibration of the machines, though they have not got supplies of the new currency, news agency IANS reports.

Only last year, the banks were involved in recalibration of ATM machines after the demonetisation of high-value currency notes in November.

Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up, but has not given any time-frame by which it will be available in adequate numbers.

ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note, since it is of a different size.

It is yet to be seen whether all the 2.25 lakh ATM machines across India would be recalibrated for dispensing the new note.

Ravi B Goyal, Chairman and Managing Director, AGS Transact Technologies Limited, which claims to have an installed base of 60,000 ATMs, told IANS, “The process of recalibration will begin once we receive the directive from the RBI. The size of the new notes is different from the existing ones and so, once we receive the new notes, we will have to understand its dimensions and accordingly reconfigure the ATM cassettes. Next, we will have to check if the supply of notes is good enough to run the cassettes at full capacity.”

“The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations,” he said.

 

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