Bankers believe that the RBI may be following a deliberate policy to contain the circulation of the pink Rs 2,000 notes and instead supplanting the deficit in supply by increasing the circulation of the gray Rs 500 notes. But the plan, if it does exist, has not improved the liquidity situation and reports of a shortage of cash have been pouring in from Patna, Kolkata, and Andhra-Telangana region.
Bankers and ATM service providers confirmed to Indianmanadarins that there has been a sharp decline in the number of Rs 2,000 notes in circulation. The supply of these notes from the central bank stands disrupted.
"Presently we are receiving currency notes from the Reserve Bank in the denomination of Rs 500 in high-value currency," said Neeraj Vyas, chief operating officer of State Bank of India told a newspaper. "The 2,000 denomination notes are coming over the counters by way of recirculation."
There are around 58,000 ATMs of SBI out of the 2.2 lakh deployed in the country.
The country's biggest bank has also moved a step ahead of its peers to recalibrate the Rs 2,000 currency cassettes in a few of its ATMs to Rs 500 currency ones so that more cash can be stuffed inside the machines.
While there is a definite shortfall in the supply of Rs 2,000 denomination notes, overall supply is fine as banks are giving out sufficient Rs 500 notes which are convenient for the consumer as they can get change easily for smaller currency notes, according to Ravi Goyal, managing director of AGS Transact Technologies which manages around 60,000 ATMs in the country on behalf of banks.