100 Crore Needed To Make ATMs Ready For New Rs.100 Notes: ATM Operators
NEW DELHI: The ATM operations industry today said introduction of a new Rs. 100 note creates many challenges and an investment of Rs. 100 crore will be required to recalibrate the country's 2.4 lakh machines.
The introduction, which comes even as the industry is just about finishing the recalibration to dispense the newly introduced Rs. 200 denomination notes, may only aggravate the pain, they said.
"We need to recalibrate ATMs for the new Rs. 100 note. In India, therefore around 2.4 lakh ATMs will need to be recalibrated," V Balasubramanian, the president of FSS who also serves as the director of industry lobby Catmi, said.
He added that the co-existence of both the new and the older versions of Rs. 100 notes poses a challenge.
"The continuity of old notes, introduction of new notes through the ATM channel and their availability will determine whether to recalibrate or not," he added.
Radha Rama Dorai, the managing director for ATM and allied services for FIS, said there is a likelihood of an imbalance between the supply of the new notes and the withdrawal of the old notes, especially in the hinterland.
"If the supply of the new currency is unable to fill the gap created by the withdrawal of the old currency, dispensation of Rs. 100 currency notes through the ATMs will get affected till such time the imbalance exists," she said.
Hitachi Payment Services' managing director Loney Antony said the exercise of recalibration of the new Rs. 100 note could take over Rs. 100 crore and 12 months of time to completely recalibrate 2.4 lakh ATMs in the country.
"As the new Rs. 200 note recalibration for all ATMs is still not completed, the recalibration of the new Rs. 100 note could take longer, unless it is planned properly," he added.
"The ATM industry is just about finishing the calibrating the ATMS for Rs. 200 denomination. This recalibration would again require investment in terms of cost and efforts," Ms Dorai said.
Euronet Services' managing director Himanshu Pujara said while the introduction of the indigenous note is a proud moment, "the change in dimensions will make dissemination difficult as it will not be available through the ATM channel."
All the ATMs will need to be calibrated, which is time consuming and a very big cost on an already struggling industry, he warned.
The RBI had yesterday announced that it will soon issue a new Rs. 100 note in lavender colour having motif of 'Rani ki vav', a stepwell located on the banks of Saraswati river in Gujarat's Patan.
"All Rs. 100 banknotes issued earlier will also continue to be legal tender," the central bank said.
The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.
Dimension of the banknote will be 66 mm x 142 mm, making it smaller than the current Rs. 100 notes as against the current note's dimension of 157 mm x 73 mm.
courtesy : ndtv.com
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Kartik Sharma: I couldn’t stop crying even when bidding ended
Mumbai (PTI): Overwhelmed with emotion, 19-year-old Kartik Sharma was left in tears after five-time champions Chennai Super Kings secured him for a record Rs 14.20 crore at the IPL 2026 mini auction, making him the joint-highest paid uncapped player in the league's history.
Coming into the auction at a base price of Rs 30 lakh, Kartik and Uttar Pradesh’s Prashant Veer set the record when CSK splurged Rs 14.20 crore on each of them, in the auction at Abu Dhabi on Monday.
“When the bidding started, I was scared I might miss out. But as the bid kept going up, I started crying,” Kartik was quoted as saying in a JioHotstar release.
ALSO READ: KKR land Green for record-breaking Rs 25.20 crore; Shaw, Sarfaraz go unsold
“Even after it ended, I couldn’t stop. I was overwhelmed with emotion and happiness, I honestly don’t know how to put it into words,” the teenage keeper-batter from Rajasthan added.
The bidding for Kartik was started by Mumbai Indians and Lucknow Super Giants before Kolkata Knight Riders joined in.
While MI exited the bidding, KKR and LSG took the price to Rs 2.80 crore before CSK entered the fray.
The bidding price surged to Rs 13.20 crore when KKR left the race and Sunrisers Hyderabad entered, before CSK sealed the deal at Rs 14.20 crore.
Kartik said he was exited to play alongside MS Dhoni but remembered the contributions of his family and friends in his journey.
“A special thank you to all my family members & friends, without their support, I don’t think I would have reached this stage,” he said.
“My entire family is very happy, everyone is celebrating and dancing. I’m extremely excited to play alongside Mahendra Singh Dhoni and learn from him.”
