Thursday, November 17th, 2016

Chanda Kochhar talks of sufficient cash, 12,500 ATMs being recalibrated every day

Narada Desk | November 17, 2016 12:43 pm Print
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 4000 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100.
ATMs

Chanda Kochhar, Chief of ICICI bank assured public of enough cash and also informed that around 12,500 ATMS are being recalibrated every day to deliver new Rs 500 and Rs 2,000 notes raising the possibility that the country’s two lakh ATMs will be able to be fully re-equipped in about two weeks.

Following Prime Minister Narendra Modi’s emotional appeal to citizens to endure for his sudden demonetisation move for 50 days,  the government is paving the way for the further easing of current banking restrictions.

With people standing in seemingly never-ending queues in front of ATMs, the government on Wednesday said it will take one more week to recalibrate half of the cash vending two lakh ATMs to dispense the new 500 and 2,000 rupee notes.
Currently, the ATM withdrawal limit from savings bank accounts stands at Rs 4000 a day, but most ATMs are dispensing only Rs 2,000 notes or Rs 100. The stepped-up pace of recalibrating the ATMs may pave the way for the government to raise the limits on cash withdrawal in the coming weeks, reported Times of India.
Finance Minister Arun Jaitley had said recalibration of ATMs started only after the announcement of demonetisation and the work could not start earlier due to the need to keep the decision a secret.
The government is now focusing on making cash available on offsite ATMs as well. State Bank of India on Tuesday had said that around 95 per cent of SBI Group’s ATMs were functional, with 140 machines re-calibrated to dispense new Rs 2,000 notes. SBI Group, which includes its five subsidiaries, has 55,000 ATMs.
SBI chief Arundhati Bhattacharya in an interview had said the main problem was that ATMs were running dry too quickly. However, she said, the machines are “being recalibrated on a war footing” to be able to dispense the new notes.
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