State Bank of India to dispense Rs 50, Rs 20 notes from ATMs

New Delhi: State Bank of India has announced on Monday that Rs 50 and Rs 20 notes too will be dispensed from ATMs soon. This announcement came as a relief to the citizens who were struggling with shortage of cash and limited denominations.

SBI chairperson Arundhati Bhattacharya said that. “ATMs are emptying out fast because it has a fixed space for notes of 100 and also the dimension of the new notes has changed, adding that the holding capacity in the ATM is confined.”

“But what takes most time is manual recalibration. A person has to come and physically add the money when it runs out. We hope and are trying that we can sort of this problem by end of November. And if the chaos subsides by then, then we will also start dispensing 50 and 20 rupee notes in coming days,” she said.

Economic Affairs Secretary Shaktikanta Das said the ATM re-calibration has started and some of the ATMs will start dispensing higher denominations, including 2000 rupee notes from Tuesday.

The limit in the ATM has also been increased to 2,500 rupees. He said there is no need for public to panic, he also assured that there is enough cash available in the system and situation will ease in coming days.

In the last five days after Rs 500 and Rs 1,000 was demonetised by the centre State Bank of India announced that it had collected Rs 83,702 crore in deposits and Rs 9,342 crore has been withdrawan since November 10. The bank witnessed withdrawals from ATMs to the tune of Rs 1,958 crore till 5 pm on Monday.

The withdrawal limit of cash at ATMs was hiked to Rs 2,500 from Rs 2,000 a day. The weekly limit of Rs 20,000 for withdrawal from bank counters has been increased to Rs 24,000.