Co-operative Bank ATMs may take more than 2 months to disperse 2k notes

About two lac Automated Teller Machine (ATM) may take more than two months to issue new Rs 2k notes as most of the ATMs are cashless and those working have long queues of customers in the State required to filled with Rs 100 currency notes four times in the day. The Chairman of Himachal Pradesh State Co-operative Bank, Mr. Harsh Mahajan said that Bank ATMs in the State and its district branches may be able to adjust its ATMs for new currency notes by the next two months which may cost about Rs 4000 each ATM to place new special trays to adjust newly printed Rs 2K and Rs 500 notes in the State.

 

Talking to Himvani, Mr. Mahajan said that after demonetizing of Rs 500 and Rs 1000 currency notes bank were forced to keep its ATMs cashless as it did not get currency from its lead UCO bank supply currency note to HPSCB from its RBI chest. Bank have been already declared national schedule bank by RBI however it could not come out with its own currency chest which likely to be set up at Tuti kandi soon. He said that process of setting of bank chest is under process as lands have been sorted out so far. He accepted that banks services are under halts after demonetization move as against demand of Rs 20 Cr cash from its account holders it could disbursed just Rs 2 crore cash.

 

The Chairman claimed that bank as more than 15 Lakh accounts holders in the state. Bank was allowing its customers to deposits old currency notes of Rs 500 and Rs 1000 however was not allowed exchange Rs 4500 currency allowed to other banks in old currency notes. HPCB branches in the districts are almost defunct for last one weeks, Mr.Mahajan informed. Kangra Co-Operative Banks another district level bank in the state have about 8 lakh accounts holders also could not able to continue transaction as RBI did not allowed it to accept Rs 500 and Rs 1000 Currency notes or deposits it.

 

Mr. Mahajan said that it is not possible to all people in the country to deposits their old currency notes as only 24 Crore people have active bank accounts in the country and there is no total complete financial inclusion. He said that it is not possible to all people to switch over the to plastic currency immediately as more than 100 Crore people did not have own bank account under PM Jandhan Yojana. He said that it is not possible to trap the black money with demonetization drive  as only six percent people submits their Income Tax returns and only 1.6 percent pay income tax in the country.

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