TIL Desk/Business/New Delhi/ The new Rs 100 notes will require a recalibration of 240,000 automated teller machines across the country, and the process will cost the industry about Rs 1 billion and take more than a year, said ATM operators.
The Reserve Bank of India announced on Thursday it would soon release lavender-coloured Rs 100 notes bearing the signature of Governor Urjit Patel. The dimensions of the new banknote, according to the RBI’s notification, would be 66 mm x 142 mm, significantly smaller than the existing one, which measures 73 mm x 157 mm.
“We believe the exercise of recalibration for new Rs 100 notes could cost over Rs 1 billion and take 12 months,” Loney Antony, managing director, Hitachi Payment Services, said, adding the process could take longer if not managed well. A representative of the Confederation of ATM Industry said ATM players were not consulted about the move and they received the news via media platforms.
