2000 ATMs of the country’s ATMs have been started. The bank had informed the customers directly of the issue. The reason for this is that people are rushing to the bank to receive the Rs 2000 note from the ATMs near the bank branches. Meanwhile, other banks are also moving cash cassettes of Rs 2000 from ATMs. Instead, 500, 200 and 100 notes will be issued at the ATM.
As of December 2019, there were 2,10,000 ATMs across the country. Bankers in the bank have said that the cassette worth Rs 2000 is being removed. Even though SBI and Federal Bank ATMs of some banks still get Rs 2000 notes, the number is very low.
Neither the government nor the Reserve Bank of India has hinted at the revocation of Rs 2000 notes. This will continue to be the case. The bank has reduced the bank transactions of Rs 2000 notes into bank branches only. These notes are avoided to the maximum extent possible. According to reports, a large chunk of the 2000 rupee notes reaching the banks are being converted to currency chests.
With the revocation of the note in 2016, the Rs 2000 note was issued to speed up the market. Now there are enough cheap notes available in the market.
In fiscal 2017, Rs 2000 notes accounted for 50.2% of the total market value of the notes. In 2018, it was reduced to 37.3 percent and in 2019 to 31.2 percent. The RBI did not release its figures for 2020. Meanwhile, the value of Rupee 500 notes has increased from 22.5% in 2017 to 51% in 2019. In an RTI reply, the RBI said it had not issued an order to print Rs 2000 notes in the financial year 2019-20.
Former Union Finance Secretary Subhash Garg had said in November last year that most of the Rs. He said that even if the 2000 rupee notes are removed from the market, the transaction will not be interrupted. The increase in counterfeit notes amounting to Rs 2000 has led to a reduction in the number of notes. Recently, Pakistan-made Rs 2000 notes were seized from Madhya Pradesh and Maharashtra. Most of the security arrangements were contained in the notes issued by the Reserve Bank of India.
Content Highlights: Currency ATM