RBI asks banks to ensure 10% of ATMs dispense Rs 100 notes

MUMBAI: Reserve Bank of India (RBI) has directed banks to ensure that atleast 10% of their ATMs dispense Rs 100 bank notes within the next 15 days.

In a notification on its website, RBI said that it was found that very few bank ATMs dispensed Rs 100 or lower notes.

"In keeping with the objectives of Clean Note Policy and to ensure that genuine requirement of members of public for Rs. 100 denomination banknotes are met, the banks should increase dispensation of Rs. 100 banknotes through ATMs which are widely used for distribution of banknotes for retail use," RBI said.

Banks have hence been directed to configure 10% of their ATMs to exclusively dispense currency notes of Rs 100.

"As the process involved in configuring the requisite number of machines is not complex, the banks are required to complete the exercise within 15 days from the date of the circular and report compliance," RB i said adding that banks have to share feedback on thier pilot initiative aftet two months.