India central bank sets up panel to oversee ATM recalibrations

November 14, 2016 6:14 AM EST

A notice is displayed outside an ATM counter which is no longer dispensing cash in Chandigarh, November 14, 2016. REUTERS/Ajay Verma


Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.

MUMBAI (Reuters) - India's central bank said on Monday it will set up a task force under Deputy Governor SS Mundra to oversee the recalibration of ATM machines after the country introduced new banknotes to replace old 500 rupee and 1,000 rupee notes.

The task force will comprise officials from the finance ministry, banks, and the central bank, as well as a representative from the Ministry of Home Affairs and the National Payments Corporation of India, the Reserve Bank of India said.

The panel will provide "direction and guidance" for recalibrating ATM machines to dispense the new notes.

Last week, Prime Minister Narendra Modi declared that 500 rupee and 1,000 rupee bills had ceased to be legal tender for transactions, in a bid to crack down on corruption and the finances of Islamist militants who target India, as well as to bring unaccounted wealth into the mainstream economy.

The sudden measure to withdraw higher value banknotes has sparked public anger as millions of people have lined up at ATM machines across the country to get cash.

(Reporting by Rafael Nam; Editing by Sherry Jacob-Phillips)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Add Your Comment