SS Mundra Current Affairs - 2019
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The Reserve Bank of India (RBI) has formed Special Task Force to speed up the process of recalibration of automated teller machines (ATM) to dispense the new denomination notes.
The Special Task Force will be headed by S.S Mundra, Deputy Governor, RBI. Representatives from the Union Finance and Home ministries, RBI, State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and the National Payments Corporation of India (NPCI) will be its members.
Besides, representative from each of ATM original equipment manufacturers (OEMs), cash in transit (CIT) companies and white label ATM (WLA) operators will be invited to the Task Force’s deliberation
Terms of the reference of Task Force
- Expeditious reactivation of all ATMs in a planned manner.
- Draw up an action plan and ensure its implementation for quick recalibration of the ATMs to enable them to dispense the new Rs. 500 and Rs. 2,000 notes.
Why task force has been formed?
After the Union Government had surprisely announced demonitization of old series Rs. 1,000 and Rs. 500 notes, there was issue of currency crunch across the nation. Following introduction of new series of Rs. 2,000 and Rs. 500 notes, it has become necessary to recalibrate all ATMs/cash handling machines to dispense the new design notes. However, the recalibration process will take up to 3 weeks for all the 2 lakh ATMs to operate normally.