FinMin says ATMs to give new currency by December

Photo of a girl using ATM machine for money transaction.

New Delhi: The Finance Ministry today said that the ATMs will be able to give new currency notes only by early December.

According to Finance Ministry, the recalibration of ATM machines requires both hardware and software modifications.

A statement from Finance Ministry said, “Recalibration (requires both software and hardware changes) of ATMs is going on, which will be completed by end of this month or early December. Other denominations will then be disbursed by ATMs.”

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The FinMin added, “Presently only Rs 100 notes are being disbursed from the ATMs. Out of 2 lakh ATMs, about 1.2 lakh are operational.”

Finance Ministry said that a total of over seven crore transactions have taken place in less than three days after the demonetisation was announced.

It said, “A total of over 7 crore transactions have taken place from November 9 up to mid-day of November 12 (i.e. in the last two and a half days) for deposit, exchange of old notes and withdrawal from ATM and over the counter.”

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“Old notes of Rs 500 and Rs 1000 denominations amounting to about Rs 2 lakh crore have been deposited to banks,” it said.

Ministry of Finance along with Reserve Bank of India (RBI), Indian Banks Association (IBA) and a few major banks participated in the review meeting on Saturday to take stock of the cash availability.

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