‘Recalibration of ATM’s will take time’

Union Finance Minister Arun Jaitley has said that though the banks have sufficient new currency, it will take two-three weeks to recalibrate the ATMs across the country for the new currency notes. “It will be a slow process. Such a big cash replacement cannot happen in a mechanical way overnight…It was to maintain secrecy that the two lakh ATM machines of the country were not recalibrated in advance,” Jaitley told mediapersons Jaitley assured people that there is sufficient time till 30 December to deposit the demonetised notes, adding around Rs 2 lakh crore has been deposited till 12.15 pm on Saturday in banks across the country, following the demonetisation move. “The SBI saw deposits of Rs 47,868 crore till Saturday afternoon,” he said.