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Soon, people will be able to withdraw Rs 200 denomination notes from ATM withdrawals as the Reserve Bank of India (RBI) has ordered the banks to recalibrate the Automated Teller Machines to ensure that the public is getting more numbers of the currency note.
The citizens kept pressing the banks to put Rs 200 notes in ATMs as even after the lower denomination note was issued by RBI in August last year, the cash supplying intermediaries were not supplying the currency notes.
According to the Economic Times report, the banking industry has decided to spend Rs 110 crore for this RBI directive. There are as many as 2,22,000 ATMs in India and the cost of recalibrating one such machine is Rs 5,000.
A banker in the condition of anonymity said that RBI has asked the banks to refill ATMs with Rs 200 notes as soon as possible and that it is a good move as they need lower denomination notes vis-a-vis Rs 2,000 notes, the ET report said.
The RBI data showed that since demonetisation of old Rs 500 and Rs 1,000 notes on November 8, 2016, the currency in circulation has reached 95 per cent of the pre-ban levels.
It is presently at Rs 17 trillion, the data added.