Calibrating ATMs for new 100 note to cost around Rs 100 crore
New 100 note : Usually, once you make a mistake, we will not do it again. But in the release of new notes, it is repeating again and again. Since the size of the new banknotes is different from current notes, it is required to change ATMs calibration. This is a time taking process and too expensive. Most ATMs in the country have been designed in accordance with old Rs. 100, Rs. 500, Rs. 1000 notes. If the changes are not made to ATMS, the possibility of issuing new notes through ATMs is not possible.
The Reserve Bank of India (RBI) has issued new notices with new standards and further security issues after the announcement of demonetization in November 2016. Freshly brought Rs 100. note is the fifth note in this order. Earlier, RBI released new Rs.500, Rs. 2000, Rs. 50 and Rs. 200 banknotes. Of these, 50 notes will not be kept in ATMs. Basic on new Rs. 100 notes, over 2.4 lakh ATMs across the country have to be updated.
Regarding this, The ATM operations industry on Friday said the introduction of a new Rs 100 note creates many challenges and an investment of Rs 100 crore will be required to recalibrate the country’s 2.4 lakh machines.
“We need to recalibrate ATMs for the new Rs 100 note. In India, therefore around 2.4 lakh ATMs will need to be recalibrated,” V. Balasubramanian, the president of FSS who also serves as the director of industry lobby Catmi, said. New 100 note
He added that the co-existence of both the new and the older versions of Rs 100 notes poses a challenge. “The continuity of old notes, introduction of new notes through the ATM channel and their availability will determine whether to recalibrate or not,” he added.
Radha Rama Dorai, the MD for ATM and allied services for FIS, said there is a likelihood of an imbalance between the supply of the new notes and the withdrawal of the old notes, especially in the hinterland. New 100 note
“If the supply of the new currency is unable to fill the gap created by the withdrawal of the old currency, the dispensation of Rs 100 currency notes through the ATMs will get affected till such time the imbalance exists,” she said. New 100 note
Hitachi Payment Services’ MD Loney Antony said the exercise of recalibration of the new Rs 100 note could take over Rs 100 crore and 12 months of time to completely recalibrate 2.4 lakh ATMs in the country.
“As the new Rs 200 note recalibration for all ATMs is still not completed, the recalibration of the new Rs 100 note could take longer, unless it is planned properly,” he added.