Indian Bank stops loading ATMs with 2,000 tickets

BENGALURU: The public sector entity has decided to stop loading its bills with 2,000 rupees, citing customer preferences. According to RBI data, Indian Bank had almost 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 bank's branch). Customers would enter the branch as soon as they withdraw cash from the ATM, asking that Rs 2,000 bills be exchanged for smaller denomination bills. They were simply cramming our branches with long lines. Therefore, we have decided to end up with Rs 2,000 tickets, an Indian Bank official said.

Of the 3,988 Indian Bank ATMs in India, 3,289 ATMs were on site and 699 were offsite. In the future, Indian Bank ATMs will have only 100, 200 and 500 rupee bills. On whether this movement would continue after the merger with, Indian Bank officials said it would depend on what the merged entity decides.