Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside
Why You Can’t Withdraw the Rs 200 Note From an ATM Anytime Soon : Shaikh Inside As of 4 January 2017, the Reserve Bank of India has ordered banks to recalibrate all 2.2 lakh ATMs across the country to ensure the dispensation of the new, yellow Rs 200 notes. Even though the new note was introduced in the market in August 2017, it remains somewhat of a novelty and available only with banks because of its size! Its dimensions (66 mm x 146 mm) are different from the existing currency in circulation, including the new Rs 500 and Rs 2000, due to which ATMs have to be recalibrated. After demonetisation in November 2016, banks went through a complete overhaul of all ATMs, having had to recalibrate the trays which hold and dispense notes inside the machine to fit the new dimensions of the Rs 500 and Rs 2000 note. This led to months of despair and disruption as people were unable to access their money easily and instead had to endure long lines in banks to withdraw ...