Good Bye Rs 2000 Notes! No More Loading & Dispensation of This Currency; Know Why

Chennai based Indian Bank has decided to load more of 200 rupee notes & stop loading and dispensation of Rs 2,000 notes in its ATMs as a customer friendly move.

Good Bye Rs 2000 Notes! No More Loading & Dispensation of This Currency; Know Why
Rs 2000
Good Bye Rs 2000 Notes! No More Loading & Dispensation of This Currency; Know Why

According to a report by news agency, Chennai based Indian Bank has decided to load more of 200 rupee notes & stop loading and dispensation of Rs 2,000 notes in its ATMs as a customer friendly move. 

The Indian Bank official said, "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 Rs 2,000 denomination notes in ATMs with immediate effect." 

He added, “Customers can withdraw Rs.2,000 notes from bank branches and they can also deposit them at bank branches and ATMs.”

Indian Bank will now load Rs 200 denomination notes instead of Rs 2,000 in the currency cassettes. The bank said, “The 2,000 currency notes left in ATMs after March 1 will be taken out.”

Though, the Indian Bank's move is not followed by other public and private sector banks.

V. Balasubramanian, President, Financial Software and Systems (FSS) said, "We have no instruction or information from our customer private banks to stop loading Rs 2,000 notes into ATMs."

He further said, “The merger of banks may reduce the number of ATMs in major cities and tier III and IV will see installation of such machines. Banks are also opening new branches and each branch will have an on-site ATM.”