Banking News

Dispensation of Rs.100 denomination banknotes through exclusive ATMs


In a reviewed step to its circular DCM (CC) G-10/3352/03.41.01/2015-16 dated May 5, 2016 on the Currency Distribution and Exchange Scheme (CDES), RBI has instructed all commercial banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use within 15 days from the date of its circular dated November 2, 2016.
The banking regulator has made an observation that very few banks had taken initiatives in setting up ATMs dispensing lower denomination notes including Rs.100 denomination banknotes. Therefore, the banking regulator has decided to conduct a pilot project wherein 10% of the ATMs in the country will be calibrated to dispense Rs.100 banknotes exclusively to ensure that genuine requirement of members of public for Rs. 100 denomination banknotes are met, through ATMs which are widely used for distribution of banknotes for retail use.

In view of the above, the apex bank instructed all the commercial banks to configure / calibrate 10% of your ATMs to facilitate this arrangement.As the process involved in configuring the requisite number of machines is not complex, the banks are required to complete the exercise within 15 days from the date of RBI circular.Banks are free to select the branches with the sample covering the relatively large number of centers / states. The data on location of such ATMs is required to submitted on compliance and the feedback on the pilot should also be advised to them after a lapse of two months

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