State Bank of India Yet to Recalibrate Around 14,722 ATMs for Rs 200 Notes, Reveals RTI
India's largest public sector bank- State Bank of India (SBI) is yet to fix about 14,722 ATMs for the denomination of Rs 200 notes even after 13 months of its launch.
Mumbai, October 3: India's largest public sector bank- State Bank of India (SBI) is yet to fix about 14,722 ATMs for the denomination of Rs 200 notes even after 13 months of its launch, an RTI has revealed. SBI's total count of ATM stands at 58,878 out of which approx one fouth is yet to be recalibrated for new Rs 200 denominations. In a reply dated back to 1st October 2018, SBI said, "Recalibration process has been completed for Rs 500 and Rs 2000 denominations for all ATMs". You Cannot Exchange Rs 200 & Rs 2,000 Notes? Torn & Mutilated Currency May Become Impossible to Get Exchanged in RBI & Banks.
The bank also added that it has spent around Rs 22.50 crores for the recalibration process of a new currency. After being asked about the deadline to complete the recalibration process, the bank said there are no regulatory deadlines. Demonetisation a Disaster, Discard Rs. 2000 Notes: Andhra CM.
Recalibration is a process in which the cassettes that hold cash in the ATM are modified to suit the size of new currency.
The new Rs 200 currency was launched by Reserve Bank of India (RBI), which was expected to solve liquidity issue and reduce the burden of Rs 100 currency note. In 2016, PM Modi announced the demonisation of Rs 500 and Rs 1000 notes, after which, RBI issued new currencies of Rs 500, Rs 2000 and Rs 200.
(The above story first appeared on LatestLY on Oct 03, 2018 04:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).