New Delhi: Senior Finance Ministry officials told CNN-News18 that the reason ATMs haven’t started functioning fully yet is that only half of them have been recalibrated to dispense the new currency.
Out of 2 lakh machines in the country only around a lakh have been recalibrated and filled with the new bank notes. The reason it is taking time is that first the demonetized 500 and 1,000 rupee bank notes have to be removed before the new notes can be filled in.
News18.com reported on Friday that software problems at ATMs were delaying the smooth transition. Sources in the Reserve Bank of India (RBI) and the State Bank of Patiala told News18 that customers would have to wait for a while more because ATMs will take some more time to adjust to the new Rs 2,000 notes.
And spare change is drying up fast even though the withdrawal limit is capped.
• ATMs have to be recalibrated. Their software has to be rewritten; they have to be able to dispense the new Rs 2,000 note that are thinner and smaller.
• Many ATMs may still have the old banknotes
• ATM software has to be reprogrammed to adhere to the 2,000 rupee limit per card per day.
• ATM software has to be rewritten to recognize the security features of the new banknotes.
• ATMs are being loaded with 100 and 50 rupee notes, which takes more time.
• ATMs have to be programmed to recognize the 2000 rupee banknote. Earlier, if you withdrew Rs 2000, the machine would dispense 2 x 1000 rupees or 4 X 500. The software will now have to be reprogrammed.
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