New Delhi: About 12,500 ATMS are being recalibrated every day to deliver new Rs 500 and Rs 2,000 notes raising the possibility that the country’s two lakh ATMs will be able to be fully rejigged in about two weeks paving the way for further easing of current banking restrictions.
The stepped-up pace of recalibrating the ATMs may pave the way for the government to raise the limits on cash withdrawal in the coming weeks as concerns of banks being flooded with withdrawals recedes.
The government has taken several measures to ease the supply of cash and ensure the waiting time for customers at bank branches are reduced. Idle ATM’s have added to the woes of people who have thronged bank branches.
Finance minister Arun Jaitley had last week assured people that steps have been taken to replace old Rs 500 and Rs 1,000 currency notes swiftly and it would take two to three weeks for the “adequate replacement”.
The government has said recalibration of ATMs started only after the announcement of demonetisation and the work could not start earlier due to the need to keep the decision a secret.
Recalibration of ATMs requires both changes to the hardware and software and technical teams have to visit each and every ATM to undertake the changes, an operation that can take 3-4 hours.