No more Problem of getting Rs 100 denomination from ATMs, RBI has...

No more Problem of getting Rs 100 denomination from ATMs, RBI has acted

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No more Problem of getting Rs 100 denomination from ATMs

No more Problem of getting Rs 100 denomination from ATMsThe RBI (Reserve Bank of India) has acted that now there will be No more Problem of getting Rs 100 denomination from ATMs. Isn’t it a good news that now we can easily dispense Rs 100 notes. According to the reports The RBI has directed banks to ensure that at least 10% of their ATMs dispense 100 bank notes within the next 15 days. To encourage banks to ensure genuine requirements of the public for Rs 100 banknotes are met, the Reserve Bank of India said on 2 November 4, 2016 that it has been decided to conduct a pilot under which 10 percent of ATMs in the country will be calibrated to dispense such notes exclusively.

No more Problem of getting Rs 100 denomination from ATMs

The central bank of India said “In keeping with the objectives of Clean Note Policy and to ensure that genuine requirement of members of public for Rs 100 denomination banknotes are met, the banks should increase dispensation of Rs 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use”. The RBI further said that the banks are, therefore, advised to configure or calibrate 10 percent of ATMs to facilitate this arrangement.

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According to the reports which are observed by the regulator very few banks have taken steps to dispense lower denomination notes post RBI’s circular dated 5 May 2016. The RBI has introduced a scheme called the Currency Distribution & Exchange Scheme (CDES) under which the regulator agreed to incentivize banks for installing ATMs which dispense notes of denominations up to Rs100.

RBI

Thus the central bank recently had conducted a review of steps taken by banks for installing ATMs dispensing lower denomination banknotes. The RBI said “the banks are required to complete the exercise within 15 days from the date of the circular and report compliance as the process of configuring the requisite number of machines is not complex”. And RBI also stated “For this purpose, banks are free to select the branches with the sample covering relatively large number of centers/states”.

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