A week ago, Reserve Bank of India launched Rupees 200 notes denomination in the country to bridge a gap between 100 and 2000 notes. However, it may take up to three months for the ATMs to start dispensing Rs 200 currency notes.
The delay in distributing these new notes is because it involves a massive exercise of recalibration. What exactly happens in ATM recalibration process, an ATM holds four cassettes, for Rs 100, RS 500 and Rs 2000 and the fourth one can be used for new Rs 200 notes. On average, a cassette can hold 2,000 to 2,500 notes depending on the quality of cash issued by the banks. But, many ATMs only have two or three cassettes.
Ravi B Goyal, Chairman, and Managing Director, AGS Transact Technologies Limited said, “The whole recalibration process can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration process and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations.”
In a statement issued by RBI, the supply of Rs 200 notes would soon be elevated but has not given any time-bound by which it is available in adequate numbers.
However, few banks even asked the ATM companies like NCR Corporation to start testing new note for recalibration of the ATMs, though they have not got supplies of the new currency. Its only last year that the banks are involved in recalibration after the master stroke of demonetization in November.
Srinivas, Managing Director, and CEO of BTI Payments, “Recalibration will begin as and when we receive adequate quantity of Rs 200 notes. We are looking to roll this out as quickly as possible.” He holds a RBI-licensed firm that operates cash dispensers not owned and managed by banks.
Presently, Rs 200 notes are available in particular RBI branches and some banks and the Rs 200 notes being printed only by RBI presses. Public sector banks like State Bank of India and Punjab National Bank are reported to have received the Rs 200 notes.