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LATEST NEWS UPDATES | Rs 1 billion needed to recalibrate 240,000 ATMs for new Rs 100 notes -Nikhat Hetavkar & Arup Roychoudhury

Rs 1 billion needed to recalibrate 240,000 ATMs for new Rs 100 notes -Nikhat Hetavkar & Arup Roychoudhury

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published Published on Jul 22, 2018   modified Modified on Jul 22, 2018
-Business Standard

The difference in dimensions of the old and new Rs 100 notes could pose a serious problem

Mumbai/ Delhi:
New Rs 100 notes will require a recalibration of 240,000 automated teller machines (ATMs) across the country, and the process will cost the industry about Rs 1 billion and take more than a year, said ATM operators.

The Reserve Bank of India (RBI) announced on Thursday it would soon release lavender-coloured Rs 100 notes bearing the signature of Governor Urjit Patel. The dimensions of the new banknote, according to the RBI’s notification, would be 66 mm x 142 mm, significantly smaller than the existing one, which measures 73 mm x 157 mm.

“We believe the exercise of recalibration for new Rs 100 notes could cost over Rs 1 billion and take 12 months,” Loney Antony, managing director, Hitachi Payment Services, said, adding the process could take longer if not managed well.

A representative of the Confederation of ATM Industry (CATMI) said ATM players were not consulted about the move and they received the news via media platforms.

This is the fifth new banknote size to be issued by the central bank since demonetisation in November 2016, and is different from the sizes of both Rs 200 and Rs 2,000. The production of the new notes has already started in Devas and will start in other mints as well, a senior government official said.

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Business Standard, 21 July, 2018, https://www.business-standard.com/article/current-affairs/rs-1-billion-needed-to-recalibrate-240-000-atms-for-new-rs-100-notes-118072100059_1.html


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