You all have experienced how most ATM outlets you visited are running out of money and you got utterly frustrated by
Modi’s demonetisation policy. Well don’t expect an immediate respite from the problem. You need to get immuned to the treatment.
Here's why ATMs are running out of money
The supply of currency through ATMs will continue to be for limited hours as most machines will be disbursing only Rs 100 notes.
Monday, being Guru
Nanak Jayanti, there will be extra pressure on ATMs as the banks will be shut. Even though ATMs were cleared of old notes, overall shortage will keep continuing.
"We will recalibrate ATMs for the new currency notes on Monday. This will have to be done physically with each machine and in two to three weeks we should be able to finish work on a large number of ATMs,"
Navroze Dastur, MD,
NCR India told The Economic Time. NCR has installed over one lakh ATMs in India and also operates ATMs on behalf of banks.
Rajiv Anand, executive director of
Axis Bank told the ET that the availability of the new Rs 500 notes will be a big relief as the Rs 2,000 notes won't help in everyday transactions, resulting in a higher demand for Rs 100 notes. Axis Bank, meanwhile, has waived surcharge on debit card payments made at petrol pumps until November 25.
