Developed By: iNFOTYKE
New Delhi: A week ahead of the announcement on demonetisation of old Rs 500/1000 notes, the Reserve Bank had directed banks to recalibrate at least 10 per cent or 20,000 ATMs to dispense Rs 100 notes only.
Banks were given 15 days to comply with the directions issued on Nov 2.
However, before the process could be completed, Prime Minister Narendra Modi in his address to nation on the evening of November 8 announced that Rs 500 and Rs 1,000 currency notes would seize to be legal tender from midnight.
The RBI notification said that the banks should increase dispensation of Rs 100 banknotes through ATMs for distribution of banknotes for retail use.
“You are, therefore, advised to configure/calibrate 10 per cent of your ATMs to facilitate this arrangement,” said the direction to heads of all banks.
It could not be known immediately that how many banks had complied with the directions. (PTI)