Are the new Rs 200 notes coming to ATMs near you?
The Rs 200 notes is introduced in lower end of denomination series as per RBI. So far, India has bank notes like Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000.
It has been nearly two months since new Rs 200 notes hit Indian markets via bank branches. However, it looks like very soon even ATMs will start dispensing these notes.
An Economic Times report said that it might take until the new year before the recently introduced Rs 200 notes get dispenses through ATMs.
Navroze Dustur, MD of NCR - which operates over 1 lakh ATMs said, "We have re-calibrated a few ATMs, but that is about it. We are not the people who decide on this - it is the banks. And most banks have not requested for ATM re-calibration for the new Rs 200 notes."
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Rs 200 notes which was introduced on August 25, 2017 - is the only currency between Rs 100 notes and Rs 500 notes. ATMs currently only dispense Rs 100 notes, new Rs 500 notes and higher denomination Rs 2,000 notes.
Reserve Bank of India (RBI) while launching Rs 200, said, ''In India, we have currency denominations of Rs 1, 2, 5, 10, 20, 50, 100, 500 and 2000. As such, in the lower end of the denomination series, Rs 200 is the missing one."
Introduction of this new currency and design has been brought in consideration of various factors like ease of transaction for the common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting.