ATMs in Karachi, Pakistan, have run out of cash ahead of the grand Muslim festival, Eid al-Adha. As the days pass by, the financial condition of the down-and-out nation is getting worse.

ATMs in Karachi, Pakistan, have run out of cash ahead of the grand Muslim festival, Eid al-Adha. As the days pass by, the financial condition of the down-and-out nation is getting worse. The cashless automated teller machines (ATMs) are causing trouble for the residents of Karachi. Pakistan is celebrating Eid on Thursday, June 29. However, in the last few days, customers have lodged multiple complaints about the absence of currency notes in ATMs ahead of Eid al-Adha. Such a problem arises when people withdraw a sizeable amount of cash to purchase animals for sacrifice. "The ATMs are out of order before Eid. We have visited the ATMs several times since morning but there is no cash," the troubled people told Geo News. Pakistan's government declared a four-day holiday on Eid al-Adha, including the Day of Arafah on June 28. The Cabinet Division stated the government agreed to a three-day holiday because of Eid al-Adha. According to reports, offices observing five days as working in one week will have holidays from June 28-30, and offices having six days as working will have holidays from June 28-July 1. ALSO READ | Eid ul-Adha 2023: Wishes, quotes and messages to share with your loved ones Meanwhile, Pakistan hopes for a bailout decision from the International Monetary Fund (IMF) in a day or two. The bailout programme will expire on June 30, because of which Pakistan will revise its budget for the financial year, starting July 1 and increase policy rates to 22 per cent. Eid al-Adha, also known as Bakra Eid, Eid Qurban and Qurban Bayarami, is one of the most popular Islamic festivals. India, Bangladesh, Pakistan, Japan, Malaysia, Indonesia, Canada and Singapore will celebrate Eid al-Adha on June 29. On the occasion, Pakistan PM Shehbaz Sharif wish the citizens of Pakistan and people celebrating the festival on Twitter. Muslims worldwide will celebrate the festival, honouring and commemorating Prophet Ibrahim's absolute dedication to Allah. People divide the meal prepared from the sacrifice into three equal parts, first for the family, second for relatives, and third for the poor people. WATCH | Pakistan reviews FY2024 budget as last ditch effort to clinch IMF deal India's Prime Minister Narendra Modi also greeted people on Eid al-Adha. He tweeted, "Greetings on Eid ul-Adha. May this day bring happiness and prosperity to everyone. May it also uphold the spirit of togetherness and harmony in our society. Eid Mubarak!" (With inputs from agencies) WATCH WION LIVE HERE

Pakistan: Citizens in Karachi 'cashless' as ATMs go 'out of order' before Eid al-Adha celebrations

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines.

The RBI will start imposing a penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.

“The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular.

The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs.

In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.

It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, central bank said.

“Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said.

The Scheme will be effective from October 01, 2021.

On condition for counting instances of cash-outs in an ATM, the RBI said it would come into play “when the customer is not able to withdraw cash due to non-availability of cash in a particular ATM”.

As regards the quantum of penalty, the central bank said “cash-out at any ATM of more than ten hours in a month” will attract a flat penalty of Rs 10,000 per ATM.

In the case of White Label ATMs (WLAs), the penalty would be charged to the bank, which is meeting the cash requirement of that particular WLA.

The bank, may, at its discretion, recover the penalty from the WLA operator, it added.

At the end-June 2021, there were 2,13,766 ATMs of different banks in the country.

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines.

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines. The RBI will start imposing a penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. “The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular. The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs. In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public. It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, central bank said. “Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said. The Scheme will be effective from October 01, 2021. On condition for counting instances of cash-outs in an ATM, the RBI said it would come into play “when the customer is not able to withdraw cash due to non-availability of cash in a particular ATM”. As regards the quantum of penalty, the central bank said “cash-out at any ATM of more than ten hours in a month” will attract a flat penalty of Rs 10,000 per ATM. In the case of White Label ATMs (WLAs), the penalty would be charged to the bank, which is meeting the cash requirement of that particular WLA. The bank, may, at its discretion, recover the penalty from the WLA operator, it added. At the end-June 2021, there were 2,13,766 ATMs of different banks in the country.

RBI to penalise banks for non-availability of cash in ATMs from October 1

Nepal police on Sunday arrested five Chinese nationals from Durbar Marg for allegedly being involved in the ATM card forgery.&nbsp;

The hackers were arrested for stealing millions of rupees from the bank accounts of subscribers by forging their ATM cards.

The ATMs of the majority of the banks in Kathmandu, especially those belonging to the 'A' class citizens, had turned temporarily dysfunctional earlier in the day along with disruptions inter-bank ATM transactions.

The Central Bank of Nepal, also known as the "Nepal Rastra Bank", has called for an emergency meeting of all banks across the city today.

The halt in the transaction from the ATM`s is being suspected as a result of hacking by the Chinese nationals

Nepal police on Sunday arrested five Chinese nationals from Durbar Marg for allegedly being involved in the ATM card forgery. The hackers were arrested for stealing millions of rupees from the bank accounts of subscribers by forging their ATM cards.

Nepal police on Sunday arrested five Chinese nationals from Durbar Marg for allegedly being involved in the ATM card forgery. The hackers were arrested for stealing millions of rupees from the bank accounts of subscribers by forging their ATM cards. The ATMs of the majority of the banks in Kathmandu, especially those belonging to the 'A' class citizens, had turned temporarily dysfunctional earlier in the day along with disruptions inter-bank ATM transactions. The Central Bank of Nepal, also known as the "Nepal Rastra Bank", has called for an emergency meeting of all banks across the city today. The halt in the transaction from the ATM`s is being suspected as a result of hacking by the Chinese nationals

Nepal police arrests five Chinese nationals for hacking ATMs

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday.

Closure of the ATMs will impact thousands of jobs and also the financial&nbsp;inclusion efforts of the government, the industry body said in a statement.

"Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs," it said.

The industry has reached a "tipping point", the body added.

A majority of the ATMs which can be shut down will be in the non-urban areas, it said, underlining that this can impact the financial inclusion efforts as beneficiaries use the machines to withdraw government subsidies.

The industry body said that recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure.

The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated.

It added that the ATM industry, including managed service providers, brown-label ATM deployers and white label ATM operators (WLAO), is still reeling under the shock of demonetisation.

"The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs," it said.

The only way to salvage the situation for the industry, according to the body, is if banks "step in to bear the load of the additional cost of compliances".

"Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs," it said.

Revenues for providing ATMs as a service are not growing at all due to very low ATM interchange charges and ever-increasing costs, it said, adding that such changes in the landscape were not anticipated while signing contracts with the banks.

The WLAOs have accumulated losses and the compliance costs can result in over 15,000 machines run by them shutting down, the industry body added.

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday.

Changes in regulatory landscape are making it unviable to operate ATMs, and may lead to the closure of half of the 2.38 lakh machines in the country by March 2019, the Confederation of ATM Industry (CATMi) warned Wednesday. Closure of the ATMs will impact thousands of jobs and also the financial inclusion efforts of the government, the industry body said in a statement. "Service providers may be forced to close down almost 1.13 lakh ATMs across the country by March 2019. These numbers include approximately one lakh off-site ATMs and a little over 15,000 white label ATMs," it said. The industry has reached a "tipping point", the body added. A majority of the ATMs which can be shut down will be in the non-urban areas, it said, underlining that this can impact the financial inclusion efforts as beneficiaries use the machines to withdraw government subsidies. The industry body said that recent regulatory changes, including those on hardware and software upgrades, coupled with mandates on cash management standards and the cassette swap method of loading cash, will make ATM operations unviable, resulting in the closure. The new cash logistics and cassette swap method will alone result in costs of Rs 3,000 crore for the industry, it estimated. It added that the ATM industry, including managed service providers, brown-label ATM deployers and white label ATM operators (WLAO), is still reeling under the shock of demonetisation. "The situation has further deteriorated now due to the additional compliance requirements that call for a huge cost outlay. The service providers do not have the financial means to meet such massive costs and may be forced to shut down these ATMs," it said. The only way to salvage the situation for the industry, according to the body, is if banks "step in to bear the load of the additional cost of compliances". "Unless ATM deployers are compensated by banks for making these investments, there is likely to be a scenario where contracts are surrendered, leading to large scale closure of ATMs," it said. Revenues for providing ATMs as a service are not growing at all due to very low ATM interchange charges and ever-increasing costs, it said, adding that such changes in the landscape were not anticipated while signing contracts with the banks. The WLAOs have accumulated losses and the compliance costs can result in over 15,000 machines run by them shutting down, the industry body added.

Why half of India's ATMs staring at shut down by March 2019

A day after claiming that there was Rs 70,000-crore cash shortfall in the system, SBI Reseach termed the ongoing shortage in cash supplies as "superficial", citing a decline in cash withdrawals from ATMs in the March quarter over the previous quarter.

Though as per RBI data, the ATM withdrawals rose 12.2 per cent in the second half of FY18 over the first half, the quarter-on-quarter ATM withdrawal trend indicates that there has been a continuous increase in withdrawals--15.5 per cent in Q1), 6.9 per cent in Q2 and 8.8 per cent in Q3 of FY18. But in Q4, the withdrawal declined by 0.5 per cent over Q3, SBI Research said in a report today.

"The decline in ATM withdrawal in the fourth quarter could actually be a seasonal phenomenon apart from the usual reasons floating around like currency shortage. This strongly supports our contention that the current shortage could be superficial rather than real," the report said.

Cash withdrawals in H2 are always more than H1 due to many reasons like festival season and procurement season which always fall in H2 but in FY18 the increase is not self- explanatory.

Currency in circulation has surpassed the pre- demonetisation level of Rs 17.98 trillion to reach Rs 18.29 trillion by March 2018.

The report said the sudden surge in currency in circulation is perplexing.

The quarterly growth in Q4 of FY18 shows that from an average growth of 4.4 per cent of five years between FY12 and FY16, growth has shot up to 8 per cent.

"This is despite the fact that economy had achieved remonetization and digital modes have also gained traction in a big way," it said.

Interestingly, in a report SBI Research had said yesterday that the cash shortfall was nearly Rs 70,000 crore in the system. This comes even as government and the RBI claimed that there was no shortage of currency.

Based on the nominal GDP growth of 10.8 per cent and 9.8 per cent in FY17 and FY18 respectively, currency with the public would have been Rs 19.4 trillion by March 2018, the report had said.

However, currently, currency with public is only Rs 17.5 trillion which shows a gap of Rs 1.9 trillion. But the increase in digital payment compensates some part of the existing gap to the tune of Rs 1.2 trillion.

"Therefore, the apparent shortfall is around Rs 70,000 crore or even less," the report had said.&nbsp

A day after claiming that there was Rs 70,000-crore cash shortfall in the system, SBI Reseach termed the ongoing shortage in cash supplies as 'superficial', citing a decline in cash withdrawals from ATMs in the March quarter over the previous quarter

A day after claiming that there was Rs 70,000-crore cash shortfall in the system, SBI Reseach termed the ongoing shortage in cash supplies as "superficial", citing a decline in cash withdrawals from ATMs in the March quarter over the previous quarter. Though as per RBI data, the ATM withdrawals rose 12.2 per cent in the second half of FY18 over the first half, the quarter-on-quarter ATM withdrawal trend indicates that there has been a continuous increase in withdrawals--15.5 per cent in Q1), 6.9 per cent in Q2 and 8.8 per cent in Q3 of FY18. But in Q4, the withdrawal declined by 0.5 per cent over Q3, SBI Research said in a report today. "The decline in ATM withdrawal in the fourth quarter could actually be a seasonal phenomenon apart from the usual reasons floating around like currency shortage. This strongly supports our contention that the current shortage could be superficial rather than real," the report said. Cash withdrawals in H2 are always more than H1 due to many reasons like festival season and procurement season which always fall in H2 but in FY18 the increase is not self- explanatory. Currency in circulation has surpassed the pre- demonetisation level of Rs 17.98 trillion to reach Rs 18.29 trillion by March 2018. The report said the sudden surge in currency in circulation is perplexing. The quarterly growth in Q4 of FY18 shows that from an average growth of 4.4 per cent of five years between FY12 and FY16, growth has shot up to 8 per cent. "This is despite the fact that economy had achieved remonetization and digital modes have also gained traction in a big way," it said. Interestingly, in a report SBI Research had said yesterday that the cash shortfall was nearly Rs 70,000 crore in the system. This comes even as government and the RBI claimed that there was no shortage of currency. Based on the nominal GDP growth of 10.8 per cent and 9.8 per cent in FY17 and FY18 respectively, currency with the public would have been Rs 19.4 trillion by March 2018, the report had said. However, currently, currency with public is only Rs 17.5 trillion which shows a gap of Rs 1.9 trillion. But the increase in digital payment compensates some part of the existing gap to the tune of Rs 1.2 trillion. "Therefore, the apparent shortfall is around Rs 70,000 crore or even less," the report had said.

SBI research says cash crunch superficial citing fall in cash withdrawals

India&#39;s economic affairs secretary Shaktikanta Das said today (February 3) that the process of remonetisation was &quot;nearly complete&quot; since there were practically no restrictions on withdrawals and the only remaining restriction was the weekly limit of Rs 24,000 on savings bank accounts.

The economic affairs secretary said the remonetisation process reached near-completion less than 90 days after Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and 1,000 notes on November 8.

&quot;All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time,&quot; he told PTI in an interview.

&quot;Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there,&quot; he said.&nbsp;

&quot;In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the remonetisation has been completed.&quot;

He further said currency supply and management were the responsibility of the Reserve Bank of India and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account.

The emphasis will be on providing lower denomination notes, Shaktikanta Das said.

Earlier in the week, the central bank had announced lifting of restrictions on daily withdrawal of cash from current and overdraft accounts as well as ATMs.

It had also promised to review the weekly limit in the near future depending on the pace of remonetisation.

The government and RBI had imposed limits on withdrawal of money from ATMs and banks after the cash crunch which followed the scrapping of old Rs 500 and Rs 1000 notes.

It had put the withdrawal limit Rs 2,000 per day from ATMs and Rs 10,000 per week from banks. Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week.

 
These limits, however, were gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000.

Towards November end, RBI increased the cap on savings bank withdrawals to Rs 24,000 a week.

Early in January, withdrawals from ATMs were further relaxed to Rs 4,500 per day from ATMs, but the weekly withdrawal limits were retained. On January 16, RBI enhanced the ATM withdrawals further to Rs 10,000 a day, while keeping the weekly limits at Rs 24,000.

Withdrawal limits from current accounts, overdraft and cash credit accounts were enhanced to Rs 1,00,000 per week

(WION with inputs from PTI) 
&nbsp;

Economic affairs secretary Shaktikanta Das said removal of withdrawal limit of Rs 24,000 on savings bank accounts was a matter of time

India's economic affairs secretary Shaktikanta Das said today (February 3) that the process of remonetisation was "nearly complete" since there were practically no restrictions on withdrawals and the only remaining restriction was the weekly limit of Rs 24,000 on savings bank accounts. The economic affairs secretary said the remonetisation process reached near-completion less than 90 days after Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and 1,000 notes on November 8. "All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he told PTI in an interview. "Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there," he said. "In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the remonetisation has been completed." He further said currency supply and management were the responsibility of the Reserve Bank of India and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account. The emphasis will be on providing lower denomination notes, Shaktikanta Das said. Earlier in the week, the central bank had announced lifting of restrictions on daily withdrawal of cash from current and overdraft accounts as well as ATMs. It had also promised to review the weekly limit in the near future depending on the pace of remonetisation. The government and RBI had imposed limits on withdrawal of money from ATMs and banks after the cash crunch which followed the scrapping of old Rs 500 and Rs 1000 notes. It had put the withdrawal limit Rs 2,000 per day from ATMs and Rs 10,000 per week from banks. Customers holding current or overdraft or cash credit accounts were allowed to withdraw up to Rs 50,000 in a week. These limits, however, were gradually eased, with RBI pumping in new notes of Rs 500 and Rs 2,000. Towards November end, RBI increased the cap on savings bank withdrawals to Rs 24,000 a week. Early in January, withdrawals from ATMs were further relaxed to Rs 4,500 per day from ATMs, but the weekly withdrawal limits were retained. On January 16, RBI enhanced the ATM withdrawals further to Rs 10,000 a day, while keeping the weekly limits at Rs 24,000. Withdrawal limits from current accounts, overdraft and cash credit accounts were enhanced to Rs 1,00,000 per week (WION with inputs from PTI)

Remonetisation nearly complete, Rs 24,000 weekly limit only remaining restriction: Indian govt

As the 50-day window to deposit scrapped higher denomination notes in banks ended today, less rush was witnessed at various city banks.

A senior executive with a private sector bank said only few people visited their branch in South Mumbai here today on the last day&nbsp;of depositing old Rs 500 and Rs 1,000 notes as compared to the initial days of demonetisation.

&quot;Situation from last one week is just like any other regular day at the bank,&quot; he said.

&quot;I deposited all my savings in the first two weeks after demonetisation was announced. I wish I would have been more patient and&nbsp;deposited it in the last few days as there is no rush at my nearest bank branch,&quot; Ghatkopar resident Shyamlal Dhulia said.

Meanwhile, queues to withdraw cash also truncated as many ATMs continued to remain shut.

Dhulia said three ATMs in the vicinity of his house have been functioning intermittently in the last one month.

Juhu-based entrepreneur Sunil Sharma said panic among people during the initial days (of demonetisation) had led customers&nbsp;rushing to banks and deposit their money.

&quot;Honest tax payers should have been provided with some arrangement or should have been given preferential treatment to deposit&nbsp;or exchange their cash,&quot; he said.

A grocery shop owner in suburban Andheri said, &quot;Though there is no maddening queues outside ATMs, but cash crunch still persists, specifically for current account holders.&quot;

Nagesh Dubey, a chartered accountant, said the step will prove to be beneficial in the long run and that it was needed for the&nbsp;overhaul the currency management.

&quot;The demonetisation process is going to overhaul the entire currency management and will also bring unaccounted money into the system which will provide a road-map to the government to launch and execute developmental projects. This is going to be beneficial in the long run.&quot;&nbsp; 
 
(PTI)

Queues to withdraw cash also truncated as many ATMs continued to remain shut.

As the 50-day window to deposit scrapped higher denomination notes in banks ended today, less rush was witnessed at various city banks. A senior executive with a private sector bank said only few people visited their branch in South Mumbai here today on the last day of depositing old Rs 500 and Rs 1,000 notes as compared to the initial days of demonetisation. "Situation from last one week is just like any other regular day at the bank," he said. "I deposited all my savings in the first two weeks after demonetisation was announced. I wish I would have been more patient and deposited it in the last few days as there is no rush at my nearest bank branch," Ghatkopar resident Shyamlal Dhulia said. Meanwhile, queues to withdraw cash also truncated as many ATMs continued to remain shut. Dhulia said three ATMs in the vicinity of his house have been functioning intermittently in the last one month. Juhu-based entrepreneur Sunil Sharma said panic among people during the initial days (of demonetisation) had led customers rushing to banks and deposit their money. "Honest tax payers should have been provided with some arrangement or should have been given preferential treatment to deposit or exchange their cash," he said. A grocery shop owner in suburban Andheri said, "Though there is no maddening queues outside ATMs, but cash crunch still persists, specifically for current account holders." Nagesh Dubey, a chartered accountant, said the step will prove to be beneficial in the long run and that it was needed for the overhaul the currency management. "The demonetisation process is going to overhaul the entire currency management and will also bring unaccounted money into the system which will provide a road-map to the government to launch and execute developmental projects. This is going to be beneficial in the long run." (PTI)

Demonetisation: No mad rush in banks on last day of depositing old notes

As many as 82,500 ATMs, which account for about 40 per cent of cash vending machines in the country, have been recalibrated to dispense new high security currency notes of 500 and 2,000 rupees.

Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening.

These ATMs have been reset as per the direction of task force set up by the government to expedite the process, Rituraj Sinha, President Cash Logistics Association of India, told PTI.

These have been recalibrated in such a manner that regional balance is maintained while giving priority to rural areas, Sinha, also a member of the task force headed by RBI Deputy Governor S S Mundra, said.

With the recalibration, ATMs are now stocking 50-60 lakh cash and are able to cater to higher demand.

As a result, many ATMs are holding cash longer and queues outside such machines are also getting smaller.

However, before the recalibration, ATMs could hold up to Rs 5 lakh of Rs 100 notes which used to get over very fast.

Since the formation of the task force, RBI, banks and cash logistic companies have been working seamlessly, he said, adding that the progress of recalibration of ATMs demonstrates a synergistic approach.

Cash supply has been streamlined to meet the requirements of ATMs and many such machines at various parts of the country have started working round the clock.

On a daily basis, about 12,000 to 14,000 ATMs are getting recalibrated.

&quot;It is our endeavour to move towards normal ATM functioning by the end of this month,&quot; he added.

Prime Minister Narendra Modi had on November 8, in a surprise move, announced demonetisation of 500 and 1,000 rupee notes. 
 
(PTI)

Around 12,000 to 14,000 ATMs are being recalibrated on a daily basis

As many as 82,500 ATMs, which account for about 40 per cent of cash vending machines in the country, have been recalibrated to dispense new high security currency notes of 500 and 2,000 rupees. Out of 2.2 lakh ATMs, 82,500 were recalibrated till yesterday evening. These ATMs have been reset as per the direction of task force set up by the government to expedite the process, Rituraj Sinha, President Cash Logistics Association of India, told PTI. These have been recalibrated in such a manner that regional balance is maintained while giving priority to rural areas, Sinha, also a member of the task force headed by RBI Deputy Governor S S Mundra, said. With the recalibration, ATMs are now stocking 50-60 lakh cash and are able to cater to higher demand. As a result, many ATMs are holding cash longer and queues outside such machines are also getting smaller. However, before the recalibration, ATMs could hold up to Rs 5 lakh of Rs 100 notes which used to get over very fast. Since the formation of the task force, RBI, banks and cash logistic companies have been working seamlessly, he said, adding that the progress of recalibration of ATMs demonstrates a synergistic approach. Cash supply has been streamlined to meet the requirements of ATMs and many such machines at various parts of the country have started working round the clock. On a daily basis, about 12,000 to 14,000 ATMs are getting recalibrated. "It is our endeavour to move towards normal ATM functioning by the end of this month," he added. Prime Minister Narendra Modi had on November 8, in a surprise move, announced demonetisation of 500 and 1,000 rupee notes. (PTI)

Demonetisation: 82,500 ATMs recalibrated to dispense new notes

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