SBI chief: Cash flow in ATMs will be streamlined in a week

COIMBATORE: Availability of cash in ATMs will be streamlined within a week as already about 60 per cent of the ATMs across the country have been calibrated for dispensing new currencies of Rs 2,000 and Rs 500 denomination, Ms Arundhati Bhattacharya, chairman, State Bank of India (SBI), said here on Thursday. “We hope to complete ATM calibration soon and expect normal disbursal of cash within the next five days. The Rs 500 notes have already reached the banks in Chennai and would be available in Coimbatore within the next few days,” she told journalists after inaugurating corporate social responsibility (CSR) initiatives of the SBI Coimbatore region.

“Though banks have issued more low denomination currencies including Rs 100 notes, people in fear are holding them back instead of spending. Soon after the new Rs 500 notes are circulated, the problem would be solved,” she said. Digital transactions have increased by 300 per cent in number terms and by 200 per cent in value terms. Demand for POS (point-of-sale) machines, debit cards and downloading of mobile wallet app have increased. The economic slowdown following demonetisation would be reversed at the end of current fiscal.

“Retail sales of essential commodities have come down by 10 per cent after demonetisation but demand has recovered subsequently,” she said. She handed over the financial assistance of Rs 23,59,831 to Avinashilingam Trust for setting up technology lab for visually impaired and donated an ambulance for St Joseph's home for aged and destitute.  She also reviewed the scheme 'SBI Digital Village' for adopting villages in Coimbatore region to improve banking facilities through free Wi-Fi hotspot, Internet facility and ATMs. Deputy general manager R S Ramesh and chief general manager Ramesh Babu were also present.