No More Rs 2000 Notes In ATM: This Public Sector Bank Stops Giving Rs 2000 Notes

It’s a real hassle to exchange that Rs 2000 note you just got from the ATM at a petrol pump or retail store. But don’t worry as this is about to stop!

Indian Bank ATMs will not load Rs 2,000 notes but instead load Rs 200 notes in order to help the customers. The bank advised its branches to immediately stop loading that currency at its ATMs and cash recyclers.

Read to find out more…

Enhancing Ease for the Customers!

According to a circular issued by the Indian Bank’s digital banking division on February 17, cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on March 1, 2020.

According to the sources, the branches, though, will continue to offer the currency notes. 

An Indian Bank official said, “Customers are coming to branches to exchange the Rs 2,000 currency notes withdrawn from ATMs, with low-value denomination notes, which is defeating the very purpose of migrating the customers to alternative delivery channels.” 

However the Indian Bank’s initiative is not being followed by other private or public sector banks.

When questioned about Allahabad Bank ATMs, the decision will be made after the merger goes through. 

Are Other Banks Taking the Same Initiative?

Financial Software and Systems (FSS) manages the ATM network of several banks in India. V. Balasubramanium, President of FSS said, “We have no instruction or information from our customer private banks to stop loading Rs 2000 notes into them. The merger of the banks may reduce the number of ATMs in major cities and tier III and IV will see installation  of such machines.Banks are also opening new branches and each branch will have an on-site ATM.”

Additionally he said, “State Bank of India (SBI) has come out with a Request for Proposal (RFP) for a good number of ATMs.”