Economy

‘90% of ATMs recalibrated, but cash scarce’

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NCR Corporation, which has supplied almost half the 2 lakh cash-dispensing ATMs in the country, said 90 per cent of all ATMs had been recalibrated to dispense the new Rs.2,000 and Rs.500 currency notes.

“The task force had mandated us (ATM suppliers) that we recalibrate the ATMs by November 30,” NCR Corporation India & South Asia MD Navroze Dastur told The Hindu on Thursday. “We have done about 1.8 lakh ATMs already.”

A task force headed by RBI Deputy Governor S.S. Mundra was set up to ensure speedy recalibration of ATMs. Out of the 2.2 lakh ATMs , 2 lakh are cash dispensing machines. Following the withdrawal of Rs.1,000 and Rs.500 notes, a new Rs.500 note was issued along with a new Rs.2,000 note. The new notes are of different sizes so the cash dispensing machines have had to be physically recalibrated so that they can read and dispense the new currency notes.

Out of the 2 lakh cash dispensing machines, NCR handles about 1 lakh machines. “We started the activity on November 13; we have done record work in that time period,” Mr. Dastur said. However, the supply of cash was still an issue which was resulting in ATMs running dry frequently, the NCR executive said.

“The ATMs have been dispensing the new notes, only challenge is the quantum that is available,” Mr. Dastur said. “What is happening now is that we are filling the ATMs with Rs.500 and Rs.100 but they are running dry in one or two hours because the demand is so high… people are taking the cash but not putting into circulation,” he said. “The issue seems to be supply.”

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Printable version | Jan 28, 2020 7:23:25 AM | https://www.thehindu.com/business/Economy/%E2%80%9890-of-ATMs-recalibrated-but-cash-scarce%E2%80%99/article16737926.ece

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