1 billion to cost recalibration of 2.4 lakh ATMs for new Rs 100 note
By MYBRANDBOOK
The Reserve Bank of India (RBI) had, on July 19, announced that the bank is planning to release a new lavender-coloured Rs 100 note which would have RBI Governor Urjit Patel’s signature on it. Now a question remain unanswered, concern is on striking a balance between the supply of new notes and withdrawal of the old ones. the report states that the process can take one year or more to complete. An official told the publication that the process will be carried out in phases.
This is the fifth new banknote size to be issued by the central bank since demonetisation in November 2016. The ATM industry is just about finishing the calibrating the ATMS for Rs 200 denomination. This recalibration would again require investment in terms of cost and efforts.The exercise of recalibration of the new Rs 100 note could take over Rs 100 crore and 12 months of time to completely recalibrate 2.4 lakh ATMs in the country.
Introduction of the indigenous note is a proud moment for the country and also for every Indian. The Reserve Bank of India's (RBI) announcement launching a new series of 100-rupee denomination notes has been greeted with trepidation by the major companies engaged in the manufacture and supply of Automatic Teller Machines (ATMs) in the country.
There are 237,000 ATMs (App.) in the country would again have to be re-calibrated to dispense the new Rs. 100 notes. This entails a massive effort with additional cost of 1 billion for recalibrating all the ATMs in the country to enable them dispense the new Rs. 100 notes, the operators need the concerned bank's official Cash Agency and an engineer of the machine manufacturer together and would take a minimum of one year to complete. In fact, the recalibration of the new Rs. 200 notes introduced last year is still not completed in all ATMs, so recalibration of the new Rs. 100 notes could take even longer unless planned properly.
The RBI said in its notification that initially, the new Rs 100 notes will be dispensed only through bank branches and printing and supply would gradually increase. Antony said it is important to have sufficient supply of Rs 100 and Rs 200 notes to ensure there are enough lower denomination currency notes in circulation for all transactions.
At present, as per National Payments Council of India Ltd (NPCIL), there are around 237,000 ATMs functional in the country, but to adequately cater to the entire country's population, the need is almost three-four times more, or around a million ATMs. As per official data, barely 30 per cent of bank account holders in the country regularly use their ATM cards and the others prefer cash transactions. There are problems of infrastructure and connectivity which hamper growth of ATMs network.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
QUICK HEAL TECHNOLOGIES PVT. LTD.
SECUREYE SERVICES PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
Icons Of India : Arundhati Bhattacharya
Arundhati Bhattacharya serves as the Chairperson and CEO of Salesforce...
ICONS OF INDIA : RISHAD PREMJI
Rishad Premji is Executive Chairman of Wipro Limited, a $11.3 billion ...
PARTNER SPEAKERS
PSU
GeM - Government e Marketplace
GeM is to facilitate the procurement of goods and services by various ...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
