Re-calibration of ATMs will be a slow process: Jaitley

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New Delhi, Nov 12: Union Finance Minister Arun Jaitley arrived at National Media Centre to brief media about the issue of demonetization and said that re-calibration of ATMs will be completed within two to three weeks.

Jaitley narrated that there are more than 2 lakh ATMs in the country but their programming is still compatible with the old currency. To reach each and every ATM in order to fix the same is causing difficulty and it will eventually take two to three weeks to fix all the ATMs. “It will be a slow process,” he said.

Jaitley said that some difficulty is expected in initial days as 86 percent of the currency is changed and bank officials are working from morning to late night. “It is a massive operation,” he added.

Around Rs 2 lakh crore has been deposited till 12.15 pm on Saturday in banks across the country, following demonetization of Rs 500 and Rs 1,000 notes.

“The largest banker in the country State Bank of India (SBI) saw deposits of Rs 47,868 crore till Saturday afternoon,” Jaitley said while briefing the media.

Jailtey further said that SBI’s deposit is around 20 percent of the total deposits in all the banks in the country.

Prime Minister Narendra Modi on Tuesday while addressing the nation announced that notes of Rs 500 and Rs 1000 will no longer have a legal tender. The decision came as a shock to the nation and since then people have been standing in long queues outside the banks for exchanging their old currency.

Here’s what Jaitley is saying:

  • Bank officials working from morning to late night, people are also cooperating well despite all difficulties: Arun Jaitley,FM
  • Finance Ministry constantly monitoring currency replacement: Finance Minister Arun Jaitley
  • It was expected that there will be some difficulty for the first few days as 86% currency is changed: FM Arun Jaitley
  • It is a massive operation.
  • SBI bank has alone completed 2 crore 28 lakh transactions in last two days, be it for deposit, exchange or any other form.
  • Notes exchanged by SBI of 58 lakh people till 12:15 today.
  • When Govt. decided to demonetize, it had expected that people would go to banks in large numbers.
  • Different political reactions are coming, some of which are really irresponsible.
  • It was not possible for us to inform about this decision in advance, as we had to maintain its secrecy as well.
  • The ATMs have not been re-calibrated for new Rs. 2000 currency note; the process is on.
  • Govt will never accept illegal transactions taking place in currency or bullion
  • Acc to RBI report all the chests are filled with new currency, but sometimes proper amount of money is not available everywhere
  • Marginal hike in bank deposits was only for September 2016, reason being the release of Pay Commission’s salary arrears
  • Its very clear that some rumours started on day 1, even the salt rumour was a concocted rumour
  • Its a big regret that people are being inconvenienced
  • There are long queues, but orderly queues. There is no chaos
  • It is very clear that some rumours stared on the first day like electronic chips in notes and salt rumours, but these are just rumours
  • If anyone indulges in improper and unlawful activities, concerned departments are going to take it up,
  • Re-calibration of ATMs will be completed within 2 weeks
  • One of most deprived sections of workers-MNREGA workers- get their money in bank accounts; no reason for anyone to feel deprived.

Wefornews Bureau

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