Tuesday , September 18 2018

ATMs of SBI to dispense Rs 20 and 50 Notes

ATMs of SBI to dispense Rs 20 and 50 Notes

Finally it seems like the panic that was seen in the people of India is in the decline mode with the banks and ATMs providing constant flow of cash. It has been announced that in the coming few days the banks and ATMs of SBI will start dispensing the Rs.20 and Rs.50 notes so that people find it more convenient in using the notes.

ATMs of SBI to dispense Rs 20 and 50 Notes

Who is Arundhati Bhattacharya SBI Chief
Currency Notes which SBI plans to dispense in ATMs Rs.20 and Rs.50 currency notes
The revised ATMs withdrawal limit which is currently in active Rs.2,500
Weekly withdrawal limit from bank has been revised up to Rs.24,000

Current situation of the banks

It has been reported by the SBI that work pressure of their branches in the state of the southern part of the country has decreased and this shows that people have now understood that all their money will be replaced or can be easily deposited and there is enough time for it.

SBI chief Arundhati also added that she is aware of the problem that the people are facing due to the ATMs running out of quickly. But then she state an reason for this saying that the ATM machines have a fixed space for holding Rs.100 notes and also not all ATM machines are enabled to hold the new notes, which are of different dimension. This, she said, comes as a major problem in adding notes to the ATMs machines, and results in the faster emptying of the machine.

She also said that another problem that takes up a lot of time in refilling the ATMs is that it has to be done manually. A person has to go to ATM and fill the cash in it, which takes time. She said that the bank is trying its best to meet the demand and by the end of November they would overcome all the problems and provide cash without any problem. In the interview she also added that as the crowd in the banks and ATMs decrease their banks would start providing Rs.20 and Rs.50 notes to the people so that they can use it for smaller transactions.

Other steps being taken by the government to make the process easy

  • A special task force, led by Deputy Governor of RBI, will monitor and manage the functioning of the ATMs of the different banks. They will work with different banks and make sure that the ATMs are fully functional.
  • The Economic Affairs Secretary told the media that a review meeting was held with the Prime Minister about the impact of the ban on the Rs.500 and Rs.1000 notes. It was also reported that soon the ATMs will start dispensing Rs.2000 notes.
  • The meeting was attended by the Home Minister, Coal and Mines minister, Finance Minister and a few others. After the meeting it was announced that there is enough money available and all will be given time to exchange their notes and there is no need to rush or panic.
  • As the days have passed the government has raised the daily withdrawal limit from ATMs to Rs.2500 from Rs.2000. Also the weekly limit of withdrawal from banks have been raised to Rs.24000, which was Rs.20000 earlier. The government has also taken off the limit of withdrawing Rs.10000 in a day, there is not such limit now. Also in a day one can now exchange Rs.4500 from Rs.4000. so people can now exchange their old Rs.500 and Rs.1000 notes for fresh notes till an amount up to Rs.4500.
  • It has also been announced that people will not be charged toll tax till the 18th of November. Also the date of using old Rs.1000 and Rs.500 notes in railway stations, airports, petrol pumps, and government hospitals has been extended till the 24th of November.
  • The government has also announced that this year pensioners can submit their Life Certificates till the 15th of January, which previously has the deadline of November submission. This has been so that people do not have to rush for this in such a situation.

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