Rs 100 Crore Fund is required to make ATMs Functional for New Rs. 100 Notes

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Rs 100 Crore Fund is required to make ATMs set for New Rs. 100 Notes
Rs 100 Crore Fund is required to make ATMs set for New Rs. 100 Notes

The industry still has not completed the re-calibration of all ATMs to dispense the newly introduced Rs 200 notes and now Rs. 100 notes is about get launched. The ATM industry share a range of vision that an investment of Rs. 100 crores will be required to re-calibrate the country twenty-four lakh machine.

Rs 100 Crore Fund is required to make ATMs set for New Rs. 100 Notes
Rs 100 Crore Fund is required to make ATMs set for New Rs. 100 Notes

The re-calibration Requires Investment in Terms of cost and efforts

The ATM industry states that the introduction of a new Rs 100 note will create many hurdles and would take several months before they could be supplied through the re-calibrated machine. An investment of Rs 100 crore will be required to re-calibrate the country’s 2.4 lakh machine.

Hitachi Payment Services, Managing Director, Loney Antonysaid: “the exercise of recalibration of the new Rs 100 note could take over Rs 100 crore and 12 months of time to completely recalibrate 2.4 lakh ATMs in the country.”  As the introduction of new Rs.100 notes comes at a time when the industry still has not come out of the confusion that was faced in the post demonetization phase.

Furthermore, we need to re-calibrate ATMs for the new Rs 100 note. In India, therefore around 2.4 lakh ATMs will need to be recalibrated,” V Balasubramanian, President of FSS said. He further stated that the Rs.100 notes have created a challenge with both old and new currency.

The turmoil with the combination of old notes and new notes

If the quantum of new Rs.100 note currency is unable to fill the gap between the withdrawals of the old currency then the supply of the new Rs.100 notes through the ATMs will be overworked till such time the variance exists.

Radha Rama Dorai, Managing director ,ATM and allied services for FIS, said “there is a likelihood of an imbalance between the supply of the new notes and the withdrawal of the old notes, especially in the hinterland.”

The re-calibration would definitely require the investment in respect of cost and efforts both. It would, therefore, be wised to let the banks and services providers take the decision when to calibrate the ATMs for the new currency note purely depending on the “supply –withdrawal” situation in each state over the next few quarters.

 The new Rs.100 note in Lavender color- features

RBI on Thursday broadcast that they will soon issue a new Rs.100 note in a beautiful lavender color having a motif of Rani Ki Vav, a step well which is located on the banks of Saraswati River in Gujarat’s Patan.

The note has other design, geometric patterns line up with the overall color scheme, both at the obverse and reverse. The Dimension of the note will be 66mm x 142mm is smaller than the present Rs100 note which is 157mm x 73mm.

 

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