OMG ! Rs 100 Crore needed to recalibrate ATM’s for new Rs 100 notes
Introduction of the new Rs 100 notes are going to create many challenges and an investment of Rs 100 crore will be required to recalibrate the country’s 2.4 lakh machines, said the ATM operations industry. They also said that the industry is just about finishing the recalibration to dispense the newly introduced Rs 200 notes and Rs 100 notes may only aggravate the pain.
“We need to recalibrate ATMs for the new Rs 100 note. In India, therefore around 2.4 lakh ATMs will need to be recalibrated,” V Balasubramanian, the president of FSS (Financial Software and Systems) , said. He also added that the co-existence of both the new and the older versions of Rs 100 notes poses a challenge.
Radha Rama Dorai, the managing director for ATM and allied services for FIS, said there is a likelihood of an imbalance between the supply of the new notes and the withdrawal of the old notes, especially in the hinterland.
“If the supply of the new currency is unable to fill the gap created by the withdrawal of the old currency, dispensation of Rs 100 currency notes through the ATMs will get affected till such time the imbalance exists,” she said.
The RBI had announced that it will soon issue a new Rs 100 note in lavender colour having motif of Rani ki vav’, a stepwell located on the banks of Saraswati river in Gujarat’s Patan.
“All Rs 100 banknotes issued earlier will also continue to be legal tender,” the central bank said.