Over 2.4 Lakhs ATMs will get Recaliberated

There are reports that around 2.4 lakh automated teller machines (ATMs) Will get recalibrated in the coming months, Mahesh Ramamoorthy, Managing Director (Banking Solutions — APMEA) at FIS, said that consumers would not have to worry about it.

The recalibration will increase the number of withdrawals as only ower denomination notes were likely to be dispensed.

“We expect nearly 240,000 ATMs to be recalibrated over the coming months. It’s going to be a massive exercise for banks and white-label ATM deployers. But consumers need not worry as it’s being done in consultation with banks,” Ramamoorthy said.

The recalibration exercise would entail exchange of ₹2,000 cassette with ₹500 ones, he said. “It may benefit banks and non-banking financial companies (NBFCs) that deploy white-label ATMs as they earn per withdrawal,” he said.

This announcement of recalibration came when it was rumoured that ₹2,000 notes may be taken out of circulation and efforts to recalibrate ATMs. Finance Minister Nirmala Sitharaman on Wednesday denied all these reports and  said that banks are not instructed to stop circulation of these notes.

“As far as I know, no instruction has been given to the banks (on stopping issue of ₹2000 notes),” she said at a meeting with heads of PSU banks.