RBI Says Rs 200 Notes will Only Circulate through Banks, Not ATMs

After the introduction of Rs 2000 notes, it had been a hard struggle to get the change to the biggest note. Rs 2000 is the highest denomination as of now and after that Rs 500 is available. To reduce the trouble to get the change, RBI has planned to introduce Rs 200 denomination by this June month. As per the latest report, the Reserve Bank of India (RBI) has come up with a decision to introduce the Rs 200 through banks but not ATMs. The Hindustan Times has specified that RBI is going to issue Rs 200 notes only through banks.

RBI Says: Rs 200 Notes will Only Circulate through Banks, Not ATMs

Like as Rs 50, Rs 20 and Rs 10 banknotes, the Rs 200 notes will also be circulated through banks. This decision has been particularly taken to reduce the complexities of ATM struggle.

The report cited a senior bank official who said administering new cash notes through ATMs would mean recalibrating India’s 220,000 machines, an activity that will take over a month. The RBI needs to stay away from the recalibration procedure as it wouldn’t like to see the same frenzied circumstance it confronted after demonetization.

In November 2016, when the Prime Minister demonetised old Rs 500 and Rs 1,000 notes, the RBI took over a month to align 2 Lakh ATMs to apportion recently printed Rs 500 and Rs 2,000 notes.

“The idea is not to disturb the system once again, there has been a disruption for more than four weeks between November and December and it is advisable to circulate these notes through the bank branches, though at present these are just proposals,” the official said.

The RBI needs to flow Rs 200 monetary certificates just through the branch, the way Rs 50 and Rs 10 notes are circled. Prior in March, the national bank board had cleared a proposition to acquaint Rs 200 notes with limit the lack of lower groups. As per a report by India Today, the new note is as of now in the pipeline and is just anticipating guidelines from the focal government to proceed with the printing method.

“Rs 200 currency note is in the pipeline. But, unless it is notified by the central government, making a dye (block), working on security features and printing process of Rs 200 would not take place. So this time, RBI would implement its plan only after the Centre’s notification,” a source told India Today.