As banks are looking to phase out Rs 2000 notes from their ATMs and fuel in more Rs 500, Rs 200 and other lower denominations ATMs across the country are going in for recalibration.
Close to 2.4 lakh ATMs across the country are likely to be recalibrated in the coming months. Financial Software and Systems (FSS) would undertake the majority of the recalibration of ATMs. FSS manages the ATM network of several banks in the country.
Recently Indian Bank announced that they would not be dispensing Rs 2000 notes from their ATMs. The bank said that it would instead load more Rs 200 notes. Moreover, a recent reply from RBI also showed that the central bank has stopped printing the highest currency note.
Mahesh Ramamoorthy, Managing Director at FSS said that customers don’t need to worry about the recalibration. The recalibration would mostly focus on the exchange of Rs 2,000 cassette with Rs 500 ones. The new entrant Rs 200 note is also not dispensed by ATMs due to the recalibration issue.
However, Finance Minister Nirmala Sitharaman on Wednesday said no instructions had been given to banks for stopping issuing Rs 2000 notes. Since the Reserve Bank of India (RBI) has stopped printing the Rs 2000 note the banks have taken a suo motu action.