Indian Bank to stop loading Rs 2000 notes in ATMs: Here is why

2000 notes

Chennai-based Indian Bank will not be loading Rs 2000 notes in a bid to promote the usage of Rs 200 bank notes in its ATMs as a customer friendly move, reported news agency IANS.

2000 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 loading of Rs 2,000 denomination notes in ATMs with immediate effect,” the Indian Bank official said, as reported by IANS.

Besides, customers can withdraw Rs 2,000 notes from bank branches and they will also be able to deposit them at bank branches and ATMs, the report added.

Indian Bank will be loading Rs 200 denomination notes instead of Rs 2,000 in the currency cassettes.

According to the lender, the 2,000 currency notes remaining in ATMs after March 1 will be taken out.

When enquired about Allahabad Bank ATMs, the Indian Bank official said the decision would be taken after the former was amalgamated with the latter. However, the Indian Bank’s step is not followed by other public and private sector banks.

“We have no instruction or information from our customer private banks to stop loading Rs 2,000 notes into ATMs,” V. Balasubramanian, President, Financial Software and Systems (FSS), told IANS. The company manages the ATM network of several banks in the country.

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