RBI to print new Rs 100 notes to boost lower denomination supply
Central bank already printing new Rs 200 notes as it gears itself up to ensure enough cash in the system.
Mumbai: The Reserve Bank of India, RBI, has given a further push to its plans to ensure enough cash supply in country through the widely promulgated remonetisation drive, a remedial step to make up for inconveniences caused during fifty days' demonetisation campaign. The central bank has revealed it has plans to print new, redesigned Rs 100 notes, according to a report in the Hindustan Times.
"The existing Rs 100 currency notes will continue to be in the system and will be withdrawn gradually without any disruption," HT quoted a central bank official as saying. It was also revealed the size and dimensions of the new Rs 100 notes will not be touched which means banks will not require to recalibrate ATMs outside their branches.
Currently, Rs 100 is dispensed through ATMs across the country. Of the four cassettes, or boxes, in an ATM, only one is used for Rs 100 notes, the report further elaborated.
The apex bank has already started printing new Rs 200 notes as part of its larger remonetisation exercise and plans to ensure more number of lower denomination notes in the banking system. It has also started to supply these new Rs 200 notes at its select outlets and identified bank branches.
It is expected the public at large will start getting these new Rs 200 notes a few months' time. Reports had earlier claimed RBI may not supply new Rs 200 notes through ATMs as it does not want to take up the mammoth task of recalibrating over one lakh ATMs across the country.
As per the data provided by the National Payments Corporation of India, NPCI, India has a total of 1,04,500 ATMs. The statistics further reveal 59 per cent or 61,500 ATMs belong to the public sector banks, PSBs, and State Bank of India.