Banks stop loading Rs 2000 notes in ATMs

New Delhi: Indian Bank, which is headed for a merger with Allahabad Bank, will stop loading Rs 2000 notes and Rs 200 will denominate, the report added.

“After withdrawing cash from ATMs, customers come to the bank’s branches to exchange Rs 2,000 notes with smaller denomination currency notes. To avoid that, we have decided to stop loading Rs 2,000 denomination notes in ATMs with immediate effect,” a bank official told the news agency.

The Rs 2,000 notes remaining in ATMs after March 1 will be removed, the report added.

“Customers are coming to branches to exchange the Rs 2,000 currency notes withdrawn from ATMs, with low-value denomination notes, which is defeating the very purpose of migrating the customers to alternative delivery channels,” the circular said. 

“We have no instruction or information from our customer private banks to stop loading Rs 2,000 notes into ATMs,” V Balasubramanian, President, Financial Software and Systems (FSS), told IANS.