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THIS bank will no more dispense ₹2,000 notes

Indian Bank will not dispense Rs 2,000 notes anymore. The public-sector entity has cited customer preferences as a reason for the move. Infact, the bank said it would load more of Rs 200 notes. According to RBI data, Indian Bank had nearly 4,000 ATMs across India as of December 2019.

India TV Business Desk India TV Business Desk
New Delhi Updated on: February 24, 2020 18:01 IST
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Indian Bank will not dispense Rs 2,000 notes anymore. The public-sector entity has cited customer preferences as a reason for the move. In fact, the bank said it would load more of Rs 200 notes. According to RBI data, Indian Bank had nearly 4,000 ATMs across India as of December 2019. 

Indian Bank's statement on Rs 2,000 notes: 

"Customers would step into the branch as soon as they withdrew cash from the ATM, asking for Rs 2,000 notes to be exchanged for notes of smaller denomination. They were just crowding our branches with long queues. So, we have decided to do away with rs 2,000 notes."

Of the 3,988 ATMs of Indian Bank across India, 3,289 ATMs were on-site and 699 off-site. This implies that the Indian Bank ATMs would only dispense Rs 100, Rs 200, and Rs 500 notes. 

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”.  However, no other bank has so far followed the move. 

 

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