RBI sets up task force to hasten dispensation of new currency notes

S.S. Mundra, deputy governor of RBI, is heading the seven-member task force

Photo: Aniruddha Chowdhury/Mint
Photo: Aniruddha Chowdhury/Mint

Mumbai: The Reserve Bank of India (RBI) on Monday said that a task force, comprising multiple agencies, is being constituted in a bid to dispense new currency notes in the ATMs under the chairmanship of S.S Mundra, deputy governor of RBI, the central bank said on its website.

With Rs.500 and Rs.1,000 currency units scrapped from 8 November, there has been a crunch for low-value currency notes in the economy. ATMs, which are the major source of cash dispensation, are unable to store new currency notes currently since the currency containers need to be modified.

The task force includes three members from the government, representatives from banks with four largest ATM’s network namely State Bank of India, Axis Bank, ICICI bank and HDFC bank, automated teller machine (ATM) manufactures, National Payment Corporation of India (NPCI) member, switch operators and chief general manager.

The task force may invite others as well according to the requirement.

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