Banks started putting more 500 rupee notes in ATMs instead of 2000

In view of the convenience of consumers without the government's directive, banks themselves make low value notes in ATMs.

New Delhi, Feb 26, 2020 Wednesday

Banks have started putting more notes at Rs 5 instead of the rupee. The process is believed to have been initiated under the exercise of withdrawal of the rupee note.

In response to a question asked by RTI last year, the Reserve Bank of India (RBI) said it had stopped printing currency notes of Rs.

According to sources, no directive has been given to the banks by the finance ministry, but in view of the convenience of consumers, the banks themselves have started to put low value notes in ATMs. According to sources, some banks have started recalibration of their ATMs and the rest of the banks will start the process soon. Government Bank Indian Bank has already announced that it will not drop the rupee note in the ATM. Banks have decided not to drop the 1 rupee note into the ATM, as it is difficult to get a denomination of Rs. In response to a question asked under the RTI, the RBI said that in the financial year 6-8, 8 crore notes of Rs. However, the numbers had been reduced to 8 million in 1-3. Only 4 crore notes were printed in 1-3. This shows that the rupee note will not be closed but will be withdrawn in a phased manner.

It may be recalled that the central government had canceled the notes of 1 and 2 rupees in November 1. However, in response to a question, Minister of State for Finance, Anurag Thakur said in December that there was no proposal to close the rupee.