According to industry experts, the overall recaliberation process may cost banks Rs 100-120 crore.
"We started recaliberation a few days back with some banks. We have done about a few thousand ATMs for about five-six banks," ATM manufacturer and service provider NCR Corporation India managing director Navroze Dastur said.
Each ATM has four cassettes and banks decide on which denomination of the currency is to be put in each of them and then accordingly recaliberation is done, he said.
Hitachi Payment Services managing director Loney Antony said "based on the banks' direction we have been recaliberating the cassette for Rs 2000 for Rs 200 notes now. Over time, the current mix of Rs 2,000 and Rs 500 notes will move to Rs 100, Rs 200 and Rs 500 notes."
He said the process started a few months back and only 4,000 of the total of 2.4 lakh machines have so far been reclaiberated.
Of the 2.4 lakh cash dispensing and cash recyclers machines, NCR has deployed close to 1.10 lakh ATMs. Hitachi has 55,000, which it has either deployed or managing it.
Dastur said the average cost of recaliberate an ATMs is Rs 3,000-4,000, taking total cost of 2 lakh ATMs would be around Rs 100 crore.
It could be noted that before this, banks had undertaken a massive recaliberation exercise after the November 2016 note-ban.
"This time there is no emergency or rush. It is going to be a better and planned activity, spread over a larger number of days. If it is a planned one then it is a 90 days activity," Dastur added.