Economy

Rs 200 notes may be available in ATMs only after 3 months

"In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations".

"The production of Rs 200 notes is being ramped up by the currency printing presses, and over time as more notes are printed, it will be distributed across the country through the banking channels and will be available for public in adequate quantity", RBI said in a press release.

A week ago, Reserve Bank of India launched Rupees 200 notes denomination in the country to bridge a gap between 100 and 2000 notes. The Central bank while launching the new Rs 200 note stated that it could take some time for them to be disbursed from the ATMs as it will involve a huge exercise of recalibration of ATMs.

In fact, it was only previous year, after the announcement of demonetisation, that about 2.25 lakh ATMS in India were recalibrated for dispensing the new note. "Next, we will have to check whether the supply of notes is good enough to run the cassettes at full capacity". He holds a RBI-licensed firm that operates cash dispensers not owned and managed by banks.

RBI had said that Rs 200 note will be the "missing link" between low and high value currencies. "Unlike the last time around (during demonetisation), when we had to recalibrate all machines in one go". However, the notes are yet to be provided by the respective banks so that the testing of it can begin.

Currently, the new Rs 200 is available in only select RBI offices and some banks. This is because the printing is going slow that too only in the RBI presses.

Earlier reports had suggested that the new Rs 200 notes will be available at ATMs within the last week of August.

Although the ATM recalibration across India could be done in 90 days, the process is still tedious and cumbersome. Each cassette can hold 2,500 notes. But, many ATMs only have two or three cassettes.

Besides carrying the RBI governer's signature with the promise clause and RBI emblem towards right of Mahatma Gandhi portrait, the Rs 200 note also features a number panel with numerals that grow from small to big on the top left side and bottom right side.

Overall, the recalibration is time consuming and complicated that needs a proper planning for a hassle-free transaction.



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