With automated teller machines (ATM) still unable to cope with the huge demand for cash and consequently running dry, a Special Task Force has been formed under the chairmanship of S.S. Mundra, Deputy Governor, Reserve Bank of India (RBI), to speed up the process of recalibration of these machines to dispense the new denomination notes.
PM takes stockThe move comes after Prime Minister Narendra Modi took stock of the situation on Sunday evening with top central bank and government officials.
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“It has become necessary to recalibrate all ATMs/cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (new) series bank notes including a new high denomination (Rs.2000) in new designs,” according to an RBIstatement. “Expeditious reactivation of all ATMs in a planned manner,” said the terms of the reference of the Task Force.
Representatives from the Finance and Home ministries, RBI, State Bank of India, ICICI Bank, Axis Bank and HDFC Bank and the National Payments Corporation of India, will be its members.
“A representative from each of the ATM original equipment manufacturers (OEMs), managed service providers, cash in transit (CIT) companies and white label ATM (WLA) operators will be invited to the Task Force’s deliberation,” the RBI said.
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Shaktikanta Das, Secretary, Department of Economic Affairs said in New Delhi that the Task Force will draw up an action plan and ensure its implementation for quick recalibration of the ATMs to enable them to dispense the new Rs.500 and Rs.2,000 notes.
New seriesThe new series of Rs.2,000 and Rs.500 notes has already been issued by the central bank.
However, each and every ATM machine in the country needs to be physically visited by the ATM operators for recalibration of the new notes which are of a smaller size.