Initial Tranche Of Cash In ATMs Drying Up, Says SBI Chairman
Automated teller machines (ATMs) that were replenished with cash on Thursday night, as well as bank branches are now starting to dry up, said Arundhati Bhattacharya, chairman of State Bank of India at a press conference on Friday.
In the peripheral areas, there could be some short-term disruptions.Arundhati Bhattacharya, Chairman, State Bank of India
Also Read: Double Blow For SBI As Profit Falls 34% And Asset Quality Deteriorates
Total amount deposited as of bank closing on Thursday stood at Rs 21,150 crore while Rs 723 crore worth of Rs 500 and Rs 1,000 bank notes were exchanged for Rs 100 notes, SBI said in a media statement. The total amount deposited on Friday stood at Rs 7,783 crore with Rs 412 crore exchanged as of 2:50 p.m.
Replenishing cash into ATMs is a time consuming process and will need at least 10 -15 days to fully implement across all machines in the country, Bhattacharya had said at a press briefing on Thursday.
The Reserve Bank of India has placed a daily withdrawal limit of Rs 4,000 for anyone exchanging old currency notes at a bank branch, while cash withdrawal from a bank account has been capped at Rs 10,000 per day. Bhattacharya said, these caps will go a long way in ensuring that there is enough cash in the branches to help people who have no alternate payment options like debit or credit cards.
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