PNB to calibrate 10,000 ATMs by month end to disburse new notes

Country's second largest public sector bank, Punjab National Bank plans to calibrate all its ATMs by the month end to dispense new Rs 500 and Rs 2000 notes in the wake of demonetisation of these currency notes.

"We will be calibrating our 10,000 ATMs to meet the requirements to disburse Rs 500 and Rs 2000 notes. There will be no additional expense to calibrate the ATMs as it will be done by our staff members", Sanjiv Sharan, Executive Director, Punjab National Bank.

It is expected that all the ATMs will be calibrated by this month end, he added.

Officials said that the bank will open its branches for extended hours to meet the rush for exchange of notes.

Prime minister Narendra Modi, on Tuesday, announced that currency notes of Rs 500 and Rs 1,000 denomination will no longer be legal tenders. Instead notes of Rs 2000 and a newly designed Rs 500 will be introduced.

ATMs were shut for two days on November 9 and 10. In the first few days, there will be a limit of Rs, 2000 per day per card for withdrawal through ATM. The limit will be raised to Rs 4,000 later.

Cash withdrawal from a bank account over the counter will be limited to a ceiling of Rs 10,000 in a day, subject to an overall cap of Rs 20,000 in a week, up to November 24, 2016, after which these limits shall be reviewed.

Similarly, old high denomination bank notes of aggregate value of Rs 4,000 only or below held by a person will be exchanged at any branch for any denomination of bank notes having legal tender character.

The proposal of Reserve Bank of India for introduction of Rs 2000 note has also been accepted by the Union government.