Banks yet to pay CITs Rs 25 crore for note ban period, says CLA
The Cash Logistics Association (CLA) Secretary General U S Paliwal said that these companies provided additional services for evacuating old Rs 500 and Rs 1,000 notes from ATMs across the country and recalibration of about 1.5 lakh ATMs to dispense new notes of Rs 2,000 and Rs 500.
RBI had recognised the efforts of the companies and the IBA had directed the member banks to pay Rs 4,000 per ATM for these efforts and service rendered. Image source: Reuters