No Rs 2000 notes in Indian Bank ATMs from March 1

Indian Bank has said that it will no longer keep Rs 2,000 notes in its ATMs. The public sector bank cited public preference as the reason behind this move. The decision will come into effect on March 1.

According to a report in The Times of India, Indian Bank was having recurring problems with its on-site ATMs before it decided to stop loading Rs 2,000 notes.

Indian Bank said the high-value Rs 2,000 notes were an inconvenience to customers who found it hard to exchange them in retail outlets and other places for smaller denominations. Customers formed long queues inside the bank asking for smaller denomination notes.  Hence, they decided to stop using Rs 2,000 notes in ATMs.

According to the report, the bank has 3,988 ATMs across India. Out of these 3,289 ATMs are on-site while the remaining 699 ATMs are off-site. From March 1 Indian Bank ATMs will only carry Rs 500, Rs 200 and Rs 100 denomination notes.  

Also read: Alert! Bank strike to hit services for six days in March

Also read: Govt seeks to engage itself with businesses, industries: FM Niramala Sitharaman