The state-run bank accounts for close to one-fourth of the banking business and is likely to play a key role in bringing the entire banking system back on track in the aftermath of November 8 historic decision by Naremdra Modi Government to...
demonetize Rs 500 and 1000 notes.
“We will finish recalibration of ATMs by November end. ATMs in villages and remote areas are taking time,” SBI managing director Rajnish Kumar was quoted as telling a leading daily.
Kumar said the number of ATM transactions have reached the normal stage. “Our normal ATM transactions are in the range of 75-90 lakh before demonetisation. On Monday, there were 89.8 lakh ATM transactions. However, the amount withdrawn was less at Rs 1,677 crore. This is because of RBI restrictions on withdrawal through ATMs. Cash supply to various regions has also improved,” Kumar told The Indian Express.
On November 22 (Tuesday), over 48.6 lakh ATM transactions were reported by SBI involving withdrawals of Rs 924 crore. “The situation on the ground has improved in many ways. Particularly in urban areas, I’m finding that crowding in the queues are shorter. In rural and semi-urban areas, there’s crowding at branches but overall, the situation is very much under control. Our ATM operations have stabilised. We are handling the same number of transactions as we were handling before demonetisation,” Kumar said.
SBI has already decided to accept payments made through the Unified Payments Interface (UPI), the digital payment system, which is likely to see robust growth in the days to come. With this, the number of banks accepting UPI payments stands at 28.
Launched on August 25 this year, UPI has made money transfer simpler by doing away with details such as bank account number, IFSC code, etc. The move was welcomed the move. One can send money by sending a text message. However, transactions through UPI were not picking up as the daily transactions through the platform stood at a moderate figure of Rs 10,000.