SBI ATMs reconfigured as getting ₹2,000 note change is a problem: Minister

Making it clear that there is no government proposal to withdraw 2,000 currency notes, the government has said that many ATMs are still dispensing the high-value notes. Several banks are said to have reduced or stopped the issue of 2,000 notes.

SBI reconfigured ATMs to support lower denomination notes as getting a change for 2,000 notes was becoming a problem. Many ATMs are still dispensing 2,000 notes.

“In view of the higher circulation of currency notes of 500 and 200 denominations and inconvenience faced by the customers in exchanging 2,000 currency notes, two of the public sector banks namely State Bank of India and Indian Bank have been issued instructions to the field functionaries to reconfigure the ATMs for currency notes of 500 and 200 denominations,” Minister of State for Finance Anurag Thakur said in Lok Sabha.

In a written reply in Lok Sabha, the Minister said that in view of the higher circulation of 500 and 200 denomination banknotes, State Bank of India has issued a communication to its local head offices to reconfigure ATMs for currency notes of the said denominations.

With less number of 2,000 notes visible in the market for the last couple of months, there was speculation that the government may be planning to take it out of circulation.

Thakur said that as getting a change for 2,000 notes was becoming a problem, SBI and Indian Bank decided to reconfigure their ATM to support lower denomination 500 and 200 notes.

He clarified that printing of notes was done by the government on the advice of RBI and while doing so the effort is made to maintain balance of currencies in circulation.

Currently, 7.40 lakh crore worth of 2,000 notes is in circulation. The circulation of 100 notes is of the value of 1.96 lakh crore while that of 50 nites is 43,784 crore.

 

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