Reserve Bank of India (RBI) vide circular dated 02.11.2016 has directed banks to increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use.
In a review conducted by RBI it was found that very few banks had taken initiatives in setting up ATMs dispensing lower denomination notes including Rs.100 denomination banknotes.
Increase in dispensation of Rs.100 bank notes is important to meet the objectives of Clean Note Policy and to ensure that genuine requirement of members of public for Rs. 100 denomination banknotes are met.
With a view to encourage the banks in that direction, it has been decided to conduct a pilot project wherein 10% of the ATMs in the country will be calibrated to dispense Rs.100 banknotes exclusively. Banks have been advised to configure / calibrate 10% of their ATMs to facilitate this arrangement.
As the process involved in configuring the requisite number of machines is not complex, the banks are required to complete the exercise within 15 days from the date of the circular and report compliance.
For this purpose, banks are free to select the branches with the sample covering relatively large number of centres / states.
Banks will share their feedback on the pilot after a lapse of two months.
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