You may soon be able to withdraw Rs 200 notes from ATMs
The RBI has directed banks to recalibrate ATMs to ensure that more number of Rs 200 denomination notes are dispensed to general public.
Currently, we can only withdraw notes in denomination of Rs 100, Rs 500 and Rs 2,000, but soon we would be able to remove the newly introduced Rs 200 notes from ATMs.
The Reserve Bank of India (RBI) has directed banks to recalibrate ATMs to ensure that more number of Rs 200 denomination notes are dispensed to general public, reported Economic Times.
The move comes as an effort to step up supply of lower denomination notes, said the report, adding that bankers may spend more than Rs 110 crore in implementing the regulator's order. The banks will reportedly atleast take 5 – 6 months to implement it.
Rs 200 notes, which was introduced on August 25, 2017, is the only currency between Rs 100 and Rs 500 notes.
Launching Rs 200 note, the RBI 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."
The introduction of this new currency and design was brought in considering various factors like ease of transaction for common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting.