Customers will no longer be able to withdraw Rs 2,000 currency notes from Indian Bank ATMs after the bank decided to load its machines with smaller denomination notes. The bank said that the higher denomination notes posed inconvenience for customers, who found it hard to exchange the notes.
Indian Bank has advised its branches to immediately stop loading Rs 2,000 at its ATMs. In a circular, Indian Bank said that “cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on March 1, 2020”. The Rs 2,000 denomination notes left in ATMs after March 1 will be taken out.
However, branches will continue to offer the currency notes.
Reports said that Indian Bank will load more of Rs 200 notes in the currency cassettes. Other banks, however, have not followed the move as Indian Bank.
"Customers are coming to branches to exchange the Rs 2,000 currency notes withdrawn from ATMs, with low-value denomination notes, which is defeating the very purpose of migrating the customers to alternative delivery channels," the circular said.
