Banking

Consign majority of new Rs 500 Notes in ATMs: RBI directs banks

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To ensure balanced distribution of newly launched Rs 500 notes and ease up the hassle caused for acquiring change for Rs 2,000 notes, the Reserve Bank of India (RBI) has directed the banks to place majority of the new Rs 500 notes in their ATMs.

It has also asked for using only a small portion of that currency to service customers through their branches.

As against the ATM withdrawal limit of Rs 2,500 per day per card, withdrawal limit from branches through the use of cheque books is Rs 24,000 in a day from an account (subject to a weekly withdrawal limit of Rs 24,000).

While a large majority of the replacement of old notes of Rs 500 and Rs 1,000 till now has been in the form of Rs 2,000 notes, individuals across the country have been facing the problem of change as the value of Rs 100 notes in circulation was limited.

The value of Rs 100 notes in circulation was Rs 157,783 crore, according to the RBI data, as of March 31.

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