Indian Bank to Stop Disbursing Big Notes at ATMs
Cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on 1 March, based on a circular issued by the Indian Bank's digital banking division last week.
Customers would no longer get Rs 2,000 denomination notes at Indian Bank ATMs, with the lender telling staff at its branches to immediately stop loading that currency at its ATMs and cash recyclers, according to a report in «Business-Standard».
«Customers are coming to branches to exchange the Rs 2,000 currency notes withdrawn from ATMs, with low-value denomination notes, which is defeating the very purpose of migrating the customers to alternative delivery channels,» the lender said.
Inconvenient To Customers
The bank said the high-value notes were an inconvenience to customers who found it hard to exchange those in retail outlets and other places. However, the bank branches will continue to offer the currency notes.
Indian Bank is a state-owned financial services company headquartered in Chennai, India. It has over 9786 touch points comprising 2872 domestic branches, 3892 ATMs or Bulk Note Acceptors, and 3022 Business Correspondents, according to its website.
