Dispensation of Rs.100 denomination banknotes through exclusive ATMs

Dispensation of Rs.100 denomination banknotes through exclusive ATMs

                                     

The Reserve Bank of India (RBI) has directed banks to ensure that at least 10% of their ATMs dispense `100 bank notes within the next 15 days.

• A review of steps taken by banks for installing ATMs dispensing lower denomination banknotes was conducted and found that very few banks had taken initiatives in setting up ATMs dispensing lower denomination notes including Rs.100 denomination banknotes.

• In keeping with the objectives of Clean Note Policy and to ensure that genuine requirement of members of public for Rs. 100 denomination banknotes are met, the banks should increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use.

• With a view to encourage the banks in that direction, it has been decided to conduct a pilot project wherein 10% of the ATMs in the country will be calibrated to dispense Rs.100 banknotes exclusively.

• Banks have hence been directed to configure 10% of their ATMs to exclusively dispense currency notes of Rs 100.