Indian Bank Stops Rs 2,000 notes

Indian Bank stops loading ATMs with Rs 2,000 notes

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Public-sector entity Indian Bank has decided to stop loading its ATMs with Rs 2,000 notes, citing customer preferences. According to RBI data, Indian Bank had nearly 4,000 ATMs across India as of December 2019.

Indian Bank said it had a recurring problem with on-site ATMs (those located within a bankx27;s branch).

Customers would step into the branch as soon as they withdrew cash from the ATM, asking for Rs 2,000 notes to be exchanged for notes of smaller denomination. They were just crowding our branches with long queues.

So, we have decided to do away with Rs 2,000 notes said an Indian Bank official.Of Indian Bank's 3,988 ATMs across India, 3,289 ATMs were on-site and 699 off-site.

Going forward, Indian Bank ATMs will have only Rs 100, Rs 200 and Rs 500 notes. On whether this move would continue after the merger with Allahabad Bank Indian Bank officials said that it would depend on what the merged entity decides.


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