Indian Bank Alert! The Bank customers will no longer be able to withdraw Rs 2,000 notes from Indian Bank ATMs as the bank has decided to load more of 200 rupee notes in its machines. The bank from March 1, 2020, stopped loading and dispensation of Rs 2,000 notes in its ATMs and said that the higher denomination notes posed an inconvenience for customers, who found it hard to exchange the notes.
"After withdrawing cash from ATMs customers come into the bank branches to exchange Rs 2,000 notes for smaller denomination currency notes. In order to avoid that we have decided to stop the loading of Rs 2,000 denomination notes in ATMs with immediate effect," the Indian Bank official said.
Indian Bank has asked its branches to immediately stop loading Rs 2,000 at its ATMs.
In a circular, Indian Bank said that “cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on March 1, 2020”.
The Rs 2,000 denomination notes left in ATMs after March 1 will be taken out. However, branches will continue to offer the currency notes.
Bank said customers can withdraw Rs.2,000 notes from bank branches and they can also deposit them at bank branches and ATMs.
Indian Bank will load Rs 200 denomination notes instead of Rs 2,000 in the currency cassettes. According to the bank, the 2,000 currency notes left in ATMs after March 1 will be taken out.
When queried about Allahabad Bank ATMs, the Indian Bank official said the decision would be taken after the former was merged with the latter. However, the Indian Bank's move is not followed by other public and private sector banks.
Balasubramanian, President of Financial Software and Systems (FSS) said the merger of banks may reduce the number of ATMs in major cities and tier III and IV will see the installation of such machines. The company manages the ATM network of several banks in the country. He said banks are also opening new branches and each branch will have an on-site ATM.
According to Balasubramanian, State Bank of India (SBI) has come out with a Request for Proposal (RFP) for a good number of ATMs.
So, anybody who requires a 2000 rupee note, can go directly to the Indian Bank branch. Although perhaps not launched, numerous finance companies have actually ended placing 2000 rupee notes within their ATMs.
According to the report, the bank has 3,988 ATMs across India. Out of these 3,289 ATMs are on-site while the remaining 699 ATMs are off-site. From March 1 Indian Bank ATMs will only carry Rs 500, Rs 200 and Rs 100 denomination notes.