________ A to Z kerala .......... [kvk] [www.atozkerala.in , www.atozkerala.blogspot.com]
Mr Rituraj Sinha, the man in charge of the SIS Security group, has shared the following information:-
The chaos over the last 10 days post the announcement of demonetisation programme is unprecedented!
There is no denying that millions have been inconvenienced. The news channels have left no stone unturned to spike the frustration and agony.
But as someone who has been in the middle of this chaos (as the President of the Cash Logistics Association as also a part of the RBI ATM taskforce), I would like to share some latest developments that may help ease your concerns -
1. First up, this is not a currency supply issue. RBI is quite well prepared to replace the 13.8 lakh crore of currency value that was withdrawn from circulation as result of the demonetisation programme. This is purely a logistics challenge i.e. getting adequate currency into banks and ATMs as quickly as possible.
2. ATM queues are a result of the simple fact that ATM machines are not configured to carry the new 2000 and 500 currency notes as they are of different sizes. This necessitates a hardware + software change process which requires an engineer to visit each of the 2,10,000 ATMs scattered across the country. This is bound to take time. Cannot be short circuited.
3. Also, ATMs are running dry because cash logistics providers like us are able to fill most ATM machines with only old 100 denomination currency. Resultantly, cash loading value per ATM has dropped to 4 lacs per loading, which means that it is good for only 200 odd transactions. Before 8th, these ATM machines would be topped up with 30-40 lacs per replenishment. So on one hand, the quantum of currency available through ATMs has dropped, on the other hand, number of people visiting each ATM has gone up multi fold.
Now some good news :
1. Almost 35,000 ATM machines will be re configured to carry new high denomination currency by end of today (18th). At this pace, as RBI ATM taskforce, we believe that a majority of ATMs across India can be reconfigured by 22nd November.
2. As ATM machines are being reconfigured for new high denomination currency, cash logistics operators are topping them up with 60 lacs per loading, which means that almost 3000 people can draw cash per loading. As we are able to do this at more ATMs over next 3 -4 days, you can expect length of queues as well as 'cash out' instances to start declining.
3. Remember that 2 lac bank employees, RBI staff, ATM OEM engineers and 45000 employees of cash logistics companies have been working literally non stop since 9th to ease the public inconvenience. And it is amazing but true that this lot of 2-3 lac people have set aside their personal challenges as a result of this cash crunch altogether and taken this crisis up as time for - "national duty".
I just wanted to get the word out to all of you. Apologies for all the missed calls and no response on messages.
This is a national crisis. We all are impacted. But there is no reverse gear for this one. And by and large the nation seems to agree that this is for larger good - of our economy but also for our society.
And that is the reason why we have long queues and instances of public anger yet, there are queues (basic order) - there is no ransacking, no mass protests on streets (leave aside the political ones) and no major law and order incident!
We all want to fight corruption....but some of us don't want to be personally inconvenienced at all in the process....But then, how can a major reform like this be effected without any collateral damage.
There is no denying that there could be no greater blow to those who have amassed wealth illegally. Government estimates that 3-4 lac crores rupees of unaccounted/ black money will exit the system by this single move. Not to mention the deterrent effect this move will have for the wrong doers for all time in the future.
So, let's hang in there. Work on reassuring others rather than help amplify disappointment and panic.
As a nation we have tremendous capacity 'to adjust' and 'to survive' through chaos. I'm sure we'll get past this ...and move towards a less corrupt India!
Mr Rituraj Sinha, the man in charge of the SIS Security group, has shared the following information:-
The chaos over the last 10 days post the announcement of demonetisation programme is unprecedented!
There is no denying that millions have been inconvenienced. The news channels have left no stone unturned to spike the frustration and agony.
But as someone who has been in the middle of this chaos (as the President of the Cash Logistics Association as also a part of the RBI ATM taskforce), I would like to share some latest developments that may help ease your concerns -
1. First up, this is not a currency supply issue. RBI is quite well prepared to replace the 13.8 lakh crore of currency value that was withdrawn from circulation as result of the demonetisation programme. This is purely a logistics challenge i.e. getting adequate currency into banks and ATMs as quickly as possible.
2. ATM queues are a result of the simple fact that ATM machines are not configured to carry the new 2000 and 500 currency notes as they are of different sizes. This necessitates a hardware + software change process which requires an engineer to visit each of the 2,10,000 ATMs scattered across the country. This is bound to take time. Cannot be short circuited.
3. Also, ATMs are running dry because cash logistics providers like us are able to fill most ATM machines with only old 100 denomination currency. Resultantly, cash loading value per ATM has dropped to 4 lacs per loading, which means that it is good for only 200 odd transactions. Before 8th, these ATM machines would be topped up with 30-40 lacs per replenishment. So on one hand, the quantum of currency available through ATMs has dropped, on the other hand, number of people visiting each ATM has gone up multi fold.
Now some good news :
1. Almost 35,000 ATM machines will be re configured to carry new high denomination currency by end of today (18th). At this pace, as RBI ATM taskforce, we believe that a majority of ATMs across India can be reconfigured by 22nd November.
2. As ATM machines are being reconfigured for new high denomination currency, cash logistics operators are topping them up with 60 lacs per loading, which means that almost 3000 people can draw cash per loading. As we are able to do this at more ATMs over next 3 -4 days, you can expect length of queues as well as 'cash out' instances to start declining.
3. Remember that 2 lac bank employees, RBI staff, ATM OEM engineers and 45000 employees of cash logistics companies have been working literally non stop since 9th to ease the public inconvenience. And it is amazing but true that this lot of 2-3 lac people have set aside their personal challenges as a result of this cash crunch altogether and taken this crisis up as time for - "national duty".
I just wanted to get the word out to all of you. Apologies for all the missed calls and no response on messages.
This is a national crisis. We all are impacted. But there is no reverse gear for this one. And by and large the nation seems to agree that this is for larger good - of our economy but also for our society.
And that is the reason why we have long queues and instances of public anger yet, there are queues (basic order) - there is no ransacking, no mass protests on streets (leave aside the political ones) and no major law and order incident!
We all want to fight corruption....but some of us don't want to be personally inconvenienced at all in the process....But then, how can a major reform like this be effected without any collateral damage.
There is no denying that there could be no greater blow to those who have amassed wealth illegally. Government estimates that 3-4 lac crores rupees of unaccounted/ black money will exit the system by this single move. Not to mention the deterrent effect this move will have for the wrong doers for all time in the future.
So, let's hang in there. Work on reassuring others rather than help amplify disappointment and panic.
As a nation we have tremendous capacity 'to adjust' and 'to survive' through chaos. I'm sure we'll get past this ...and move towards a less corrupt India!
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