Why it would take over 20 days for people to get new notes?

notesNew Delhi: It seems the government’s plans to keep the currency flow run unabated post the scrapping of Rs 500 and 1,000 notes have hit a software glitch.

Sources in the Reserve Bank of India (RBI) and the State Bank of Patiala told News18 that customers will have to wait for a while more for a smooth transition to the new notes because ATMs will take some more time to adjust to the new Rs 2,000 notes.

And spare change is drying up fast even though the withdrawal limit is capped.

  • ATMs have to be recalibrated. Their software has to be rewritten; they have to be able to dispense the new Rs 2,000 note that are thinner and smaller.
  • Many ATMs may still have the old banknotes
  • ATM software has to be reprogrammed to adhere to the 2,000 rupee limit per card per day.
  • ATM software has to be rewritten to recognize the security features of the new banknotes.
  • ATMs are being loaded with 100 and 50 rupee notes, which takes more time.
  • ATMs have to be programmed to recognize the 2000 rupee banknote. Earlier, if you withdrew Rs 2000, the machine would dispense 2 x 1000 rupees or 4 X 500. The software will now have to be reprogrammed.
  • Arundhati Bhattacharya, Chairperson of State Bank of India, India’s largest bank, said in Mumbai that it will take at least 10 days for normalization of ATM services.

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