NEWS & ADVICE : FIXED DEPOSITS
Banks to set ATMs that can generate small denominations notes
By Neelima Shankar
Jul 15, 2014
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The Apex Bank has asked the banks to come up with the ATMs for the rural areas that can generate the currencies with the smaller denominations. The ATMs in the urban areas generate the notes of the higher denominations, generally 500 or 1000. It has been reported that the people in rural areas are requiring the currency of the smaller denominations.

The RBI has asked the bank to come up with the appropriate solution for this, and put up the ATMs in the rural areas satisfying the needs of the rural people by generating the notes of smaller denominations as well. The RBI has initiated a measure to allow banks to mobilise all unclaimed and unused deposits to form a fund that would be utilized for educating customers about banking.


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