Over 10,000 ATMs are being recalibrated per day to bring down the cash crunch
Advertisement
Since Prime Minister Narendra Modi’s demonetisation scheme, one third of India's 202,000 automated teller machines (ATMs ) have been recalibrated so they can dispense new Rs 500 and Rs 2,000 currency notes and this will expectedly ease the pressure on banks struggling to meet demand.
Nearly 10,200 ATMs are being recalibrated in a day and this means that the entire process should be over in the next 10-12 days before November salaries are credited to accounts and withdrawal pressure peaks, officials said.
The government may review the Rs 2,000 currency exchange limit next week, depending on whether around 80% of the ATMs have been recalibrated, the officials added.
The modi-government is literally pushing the banks to speed up adjustments to the machines.
A senior government official confirmed that an informal target of recalibrating at least 12,000 ATMs a day has been given to the banks by the working group looking into the issue.
"There are around 2,000 engineers who are working on it. We are hopeful to get the remainder done in the next two weeks,” a senior official told ET.
With more recalibrated ATMs going live and the daily limit of Rs 2,500 per card, the situation has improved somewhat in the urban centres.
Advertisement
Nearly 10,200 ATMs are being recalibrated in a day and this means that the entire process should be over in the next 10-12 days before November salaries are credited to accounts and withdrawal pressure peaks, officials said.
The government may review the Rs 2,000 currency exchange limit next week, depending on whether around 80% of the ATMs have been recalibrated, the officials added.
The modi-government is literally pushing the banks to speed up adjustments to the machines.
A senior government official confirmed that an informal target of recalibrating at least 12,000 ATMs a day has been given to the banks by the working group looking into the issue.
Advertisement
With more recalibrated ATMs going live and the daily limit of Rs 2,500 per card, the situation has improved somewhat in the urban centres.
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 11 must-visit tourist places in Nainital in 2024
- Indegene's ₹1,842 crore IPO to open on May 6
- BSE shares tank nearly 19% after Sebi directive on regulatory fee
- Nainital bucket list: 9 experiences you can't miss in 2024
- Sanju Samson likely to be India's first-choice wicketkeeper for T20 World Cup
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market