It has been more than a week since the Reserve Bank of India (RBI) announced the launch of Rs.200 notes. However, dispensing these notes could take up to three months due to the massive task of recalibration of ATM machines. Though the RBI is ramping up the production of Rs.200 notes, it has not given any specific time-frame for the wider availability of these notes.
Following the demonetisation announcement of 2016, ATM machines across the country were recalibrated to dispense the new Rs.500 and Rs.2000 notes to the general public. With the introduction of Rs.200 denomination notes, the machines have to be calibrated again as these notes come in a different size.
According to Ravi B Goyal, Chairman and Managing Director of ATM machine manufacturing company AGS Transact Technologies, the entire process of recalibration is likely to take about 90 days. He also said that this process can be done without affecting the regular functionality of ATM machines. Most ATM machine manufacturers are yet to receive official word from the RBI regarding the recalibration process. The recalibration process will be done according to the availability and supply of new denomination notes in the market.
As of now, ATM machines across the country have cassette slots for Rs.100, Rs.500, and Rs.2000 notes. After the recalibration, banks will also include a cassette slot for Rs.200 notes in ATM machines. It is likely to take about 30 to 45 minutes for recalibrating each ATM machine. While recalibration by itself is not a difficult task, it is a time-consuming process that requires an engineer to visit ATM machines in multiple locations and make the change.
The RBI has announced the introduction of Rs.200 notes to ease the circulation of currency in the market. The introduction of this new lower denomination currency is likely to benefit the middle class and lower middle class population as they prefer withdrawing cash in lower denominations.