China will help India in easing cash crunch, recalibrate ATMs. Here’s how

India has around 202,000 ATMs and only 22,500 have been filled with new banknotes. This is because India is falling short of components and parts required to fit in ATMs so that they can have new notes.

Due to paucity in machine components, new parts are being rushed to India. "These are being purchased from China,” an official told ET.

"The magnetic component and the hardware, also known as magnetic spacer and wedge, are not in stock. Once we have the supplies, it should not take more than a week to get all ATMs running,” State Bank of India Chairman Arundhati Bhattacharya told ET.

Moreover, the ATMs are not re-programmed to dispense Rs 50 notes.

Another banker told ET that getting the parts and making changes to dispensers may take some time. "Our aim is to get at least 50,000 machines running in the next one week. If they work 24x7, we will able to manage this problem,” he said.