Following the existing problem in which the Automated Teller Machines (ATMs) are failing to cope with the huge cash demand of people, Reserve Bank of India on 14 November 2016 constituted an eight-member task force to re-calibrate all ATMs.
This re-calibration would help the cash handling machines to dispense the Mahatma Gandhi (New) Series Banknotes including a new High Denomination of 2000 rupees in new designs.
The eight-member task force, led by RBI deputy governor SS Mundra, will comprise officials from banks, NPCI, Department of Currency Management, Department of Payment and Settlement System and home and finance ministries. Terms of Reference of the Task Force is
• Expeditious reactivation of all ATMs in a planned manner
• Any other matter connected to the above
Banks whose members will be the participant of the task-force are State Bank of India, Axis Bank, ICICI Bank and HDFC Bank.
Besides, representative of ATM office equipment manufacturers (OEMs), white label ATM (WLA) operators, Managed Service Providers and cash in transit (CIT) companies will be invited to the Task Force’s deliberations. The task force is also free to invite others as may be needed.
Bodies involved in re-calibration
Re-calibration of ATMs involves multiple agencies like banks, ATM manufacturers, Switch Operators, National Payment Corporation of India (NPCI), and more. These multiple activities make re-calibration a complex operation and require coordination among all these agencies.