Non-dispensing of Old High Denomination Notes of Rs. 500 & Rs. 1000 by ATMs and Closure of operations at Banks / ATMs on 9 & 10 Nov. 2016: RBI Directive
The RBI has issued directive to all banks and ATM operators to stop Banking (on 9 Nov. 2016) & ATM operations (on 9 & 10 Nov. 2016) and make arrangements for non-dispensing of Rs. 500 and Rs. 1000 by the ATMs, Bank Branches, etc. before resuming operations by banks on 10 Nov. 2016 and by ATMs on 11 Nov. 2016, as under:
RBI/2016-17/111 DPSS.CO.PD.No./02.10.002/2016-2017 dt. 8 Nov. 2016
The Government of India has withdrawn from immediate effect (midnight of November 8, 2016) the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000. As such, dispensing of these Old High Denomination (OHD) banknotes by banks through their ATMs has to be stopped from midnight of November 8, 2016.
2. In order to facilitate the banks to prepare themselves for the same, all Public sector /Private sector/Foreign banks, RRBs, Urban Co-op banks and State Co-op banks have already been advised to remain closed for public transactions on November 09, 2016.
3. In view of the above, it has been decided that all ATMs will remain closed for operations from the mid night of Nov 08, 2016 so that they do not dispense the withdrawn old higher denomination banknotes (OHD). The ATMs may resume functioning from November 11, 2016 upon their recalibration to dispense bank notes of only ₹ 50 and ₹ 100 denominations.
4. Banks and ATM switches may take necessary steps to initiate this measure with immediate effect for both on-us and off-us transactions.
5. Further, so as to ensure customer convenience, banks are also advised to provide all cash withdrawal transactions at their ATMs free of cost to their customers till 30 Dec 2016. It has also been decided that banks may fix a limit of ₹ 2000/- per day per card withdrawal limit at ATMs, for all their customers, till November 18, 2016.
6. This directive is issued under section 10(2) read with section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007).
Banks closed for public on November 9, 2016
All scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain closed for public on Wednesday, November 9, 2016.