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People need not worry about ATM re-calibration: APMEA

Thursday - February 27, 2020 6:29 pm , Category : BUSINESS
New Delhi, Feb 27 (IANS) Amid reports that around 2.4 lakh automated teller machines (ATMs) across the country are likely to be recalibrated in the coming months, Mahesh Ramamoorthy, Managing Director of APMEA (Banking Solutions), said consumers should not worry about it.
In case of recalibration the number of withdrawals would increase as only lower 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 Rs 2,000 cassette with Rs 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.
The statement comes in the wake of reports that Rs 2,000 notes may be taken out of circulation and efforts to recalibrate ATMs.
Denying such reports, Finance Minister Nirmala Sitharaman on Wednesday said no instructions had been given to banks for stopping issuing Rs 2000 notes.
"As far as I know, no instruction has been given to the banks (on stopping issue of Rs 2000 notes)," she said at a meeting with heads of PSU banks.

--IANS rrb/pcj