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Wait 2-3 weeks for normal banking, time needed to recalibrate all 2 lakh ATMs, says Jaitley

PM Narendra Modi has recently taken decision to ban Rs 500 and Rs 1,000 currency notes on Tuesday. Several people are facing problems due to the shortage of money while poor are committing suicides due to lack of fund.

Atleast two lakh ATMs across India are to be organized to disburse the new Rs 500 and Rs 2,000 notes to the public.

On Saturday, Finance Minister Arun Jaitley said, “It would take about two to three weeks for all the machines to be ready.”

The ATM machines and cash trays will be repaired according to weight, dimensions, design of Rs 500 and Rs 2000 note. Currently, Rs 500 new notes have not even been issued by the government. It will take around a month for the machines to get ready.

On Saturday, Jaitley Said, “The finance ministry is constantly monitoring the cash replacement exercise.”

When asked Jaitely why the government officials had not recalibrated the machines in advance, He said, “It would have defeated the purpose to maintain secrecy of the surprise move.”

Rajiv Kaul, CEO and Vice-Chairman at CMS said, “The immediate focus after the government’s decision was to flush out the spiked currency notes from the machines.”

Kaul added, “The second step would be to replenish the machines with new notes. But before that, they had to ensure every ATM recognises the new notes and manages multiple replenishments including those of lower denominations.” He said, “We believe the entire country’s ATM network will be streamlined to the new order in the next two to four weeks.”

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