Business & Finance

Currency problem strikes again- New 100 rupees note creating mess in ATMs

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The new lavender coloured 100 rupees note is soon to roll out in the markets as being announced by the RBI. Although this comes as a no surprise to the common mass, it has created disarray among the ATM manufacturers and suppliers in the country. New notes of Rs.2,000 ,500, 200 and 10 has already come into circulation and they have already caused much problems. With the new 100 rupees note to be introduced, the ATM suppliers are furious.

The chief complain of the ATM manufacturers is the fact that changing a currency requires updating each and every ATM machine in the country which amounts to 237,000. This means a waste of havoc amount of money, along with which needless to say, precious time. With smaller dimensions of 142*66 mm as compared to the larger old currencies, major re-calibrations are to be done both to the hardware and the software.

Re-calibration of an ATM machine might take just 20 minutes but the huge number of ATM machines in the country adds up the hours to a great deal. Another problem with newer currencies is that large numbers of notes are not in circulation. In other words, there is often absence of lower denomination currencies in the ATM. This surely poses difficulty to the common consumer along with the loss of utility of an ATM. To avoid this problem, recalibration can’t be done until new notes are fully in circulation.

As of now, this problem can’t be properly addressed as to when and how to calibrate the ATM machines as per introduction of the new note. 

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