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  • Category: Miscellaneous

    When cash less economy is the target then why ATM's needed caliberations ?

    I just cannot understand the thinking level of this NDA government which never bothered about the aspirations and expectations of the common man. While there is no iota of doubt that people are solidly behind PM Modi on his crusade against black money, and now the government has changed his plank to cash less dealings. If that is the case then why the ATM's are being sent for rejig or calibration purpose and the banks are unable to dispense as much money as possible and in the gap the most powerful and known to the bank staff and getting their work done with easy exchange of money and even withdrawing in crores ?
  • #585463
    Mohan,

    There are slots in an ATM machine according to the sizes of the notes. Now what happened is that the size of the new notes of 500 & 2000 are different than the sizes of the earlier notes. They do not match the sizes of any other notes. So, the slots into the machine needed adjustments for sizes. That took a lot of time.

    Secondly, earlier ATMs were programmed to dispense up to 25 or 30 thousand per card per day, varying according to every bank. The limit of 2000 was set to withdraw from an ATM, which was then raised to Rs 2500. So, all the ATMs needed reprogramming to limit the withdrawal to 2500 card.

    That is what the re-calibration was all about. Hope that suffices your query!

    When you talk, you are only repeating what you already know. But if you listen, you may learn something new!

  • #585465
    When government wants no cash transaction, then why money spent for rejig of ATM's and in fact they can close them for ever.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585474
    Though we talk about cashless transaction, we cannot do away with ATMs. Everyone need some cash for small purchases. We cannot go cashless completely. The ATM will dispense less cash. Huge money transaction will be done through bank cheques, online banking etc.
    No life without Sun

  • #585475
    Then why the government insisting Pan wala, vegetable vendor and road side vendors to go for cash less transaction ?
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585479
    The Government is talking about 'less cash' system, not exactly 'cashless' system. Even developed countries are not totally cashless. Cash transactions will continue to be there though in all possible cases digital transactions are being encouraged. Yesterday service tax exemption on digital transactions of up to Rs. 2000 has been announced. In many cases cash transactions are prevalent merely to escape tax net.
    Let us encourage each other in sharing knowledge.

  • #585484
    Mohan,
    ATMs have been introduced to avoid huge crowd and long queues in the banks for withdrawal of cash for use. This ATM facility has eased the work load of bank officials and saved the time of individuals. It is a banking facility that cannot be stopped. If stopped, there will be hue and cry.

    No life without Sun

  • #585490
    Probably go cash less call was only taken seriously by one establishment that is ATM's.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #585500
    Cash-less does not mean a state where there is no currency or coin at all. It just means that wherever possible and to maximum extent possible, financial transactions should be with means other than physical currency and coins. ( This major misconception is main reason that has created fear and lack of confidence in people in relation to the current demonetisation)

    The re-calibration of existing ATMs is needed to dispense the new currency now printed. The earlier calibration was only for those notes in circulation which are now withdrawn.

    The existing ATMS also have facilities for some non-financial transactions like PIN change, balance viewing etc.

    The current demonetisation step is a one-time measure to remedy certain issues that affect our economy and financial system= the major one(in my logic and inference) is counterfeit currency. But this situation has gone a long way in making people think differently and change gradually towards more and more currency less transactions. The situation is also conducive to bring more measures to clean the financial system. A few wrongs and aberrations here and there need not be taken as failure. They are bound to happen, but now it is becoming more easy to find and catch the wrong doers. The government and authorities have now more precise data on matters which were vague till now.


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