Business

RBI dreads recalibration: Rs 200 notes may only be available at banks, not ATMs

Days after image of Rs 200 note surfaced on social media, now it has emerged that the Reserve Bank of India (RBI) is against the circulation of proposed new bank currency through ATMs.

According to a report in the Hindustan Times, the central bank wants to circulate the new Rs 200 banknotes only through bank branches.

The report quoted a senior bank official who said dispensing new currency notes through ATMs would mean recalibrating India's 220,000 machines, an exercise that will take more than a month.

The RBI wants to avoid the recalibration process as it does not want to see the same hectic situation it faced after demonetisation. 

Last year in November, when the Prime Minister demonetised old Rs 500 and Rs 1,000 notes, the RBI took more than a month to calibrate 2 Lakh ATMs to dispense newly-minted Rs 500 and Rs 2,000 notes.

"The idea is not to disturb the system once again, there has been disruption for more than four weeks between November and December and it is advisable to circulate these notes through the bank branches, though at present these are just proposals," the official said.

According to reports, the RBI wants to circulate Rs 200 bank notes only through branch, the way Rs.50 and Rs.10 notes are circulated.

Will Take "Supervisory Action" In PNB Fraud Case: RBI

New Delhi: The Reserve Bank of India has carried out an assessment of the control systems at the Punjab National Bank, the central bank announced in a...

PNB fraud: Nirav Modi, Mehul Choksi's passport suspended

New Delhi: The passport issuing authority in the Ministry of External Affairs (MEA) on Friday suspended the validity of passports of Nirav Modi and Me...

RBI's New Rules On Soured Loans To Shoot Provisioning Costs: Experts

Mumbai: Just when many banks thought the worst of their bad debt woes were behind them, new central bank rules are stoking fears that the worst of the...

Punjab National Bank Reports Rs 11,360 Crore Fraud

New Delhi: The Punjab National Bank has reported fraudulent transactions worth Rs. 11,360 crore from a single branch in Mumbai. The amount is equal to...