New Delhi, November 24, 2016: Vodafone India will allow its 8.4 million-plus Vodafone M-Pesa customers to withdraw cash through their digital wallets from any of its over 120,000 outlets across the country, the company said on Wednesday.
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“Vodafone M-Pesa customers do not need to stand in long queues outside ATMs and bank branches for cash. We have invested in building a nationwide network of over 120,000 M-Pesa outlets, equivalent to the numbers of bank branches in the country,” said Suresh Sethi, Business Head, Vodafone M-Pesa, in a statement here.
Over 56 per cent of these outlets are located in rural India.
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“Our customers can visit any of these outlets and use the unique cash-out feature of Vodafone M-Pesa to withdraw cash from their digital wallets at their own convenience. Further, our digital wallet too can be easily digitally loaded via credit/debit cards or net banking,” he added.
Customers need to carry an identity proof to their nearest M-Pesa outlet from where they can withdraw money, subject to availability, in line with the Reserve Bank of India guidelines, the statement added. (IANS)
Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up
The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent
The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon
New Delhi, September 4, 2017: While the RBI launched the new Rs 200 notes a week ago, it may take up to three months for ATMs to start dispensing the new denomination currency “new Rs 200 note” as it will involve a huge exercise of recalibration.
What are ATM companies saying about when will the new Rs 200 notes come into the market?
Some banks have even asked the ATM companies to begin testing the new Rs 200 notes for recalibration of the machines, though they have not got supplies of the new Rs 200 notes/ currency. Only last year, the banks were involved in the recalibration of ATM machines after the demonetization of high-value currency notes in November.
ATM manufacturing companies said that they have not received any directive from the RBI regarding the recalibration of ATMs for the new Rs 200 note. They disclosed that some banks have at an informal level have asked them to start testing of the new note since it is of a different size.
When will the supply of the new Rs 200 notes see an increase?
Reserve Bank of India (RBI) did issue a statement saying that the supply of the new Rs 200 notes would soon be ramped up but has not given any time-frame by which it will be available in adequate numbers.
It is yet to be seen whether all the 2.25 lakh ATM machines across India would be recalibrated for dispensing the new Rs 200 notes.
avi B Goyal, Chairman, and Managing Director, AGS Transact Technologies Limited, which claims to have an installed base of 60,000 ATMs, told IANS, “The process of recalibration will begin once we receive the directive from the RBI. The size of the new Rs 200 notes are different from the existing ones and so, once we receive the new Rs 200 notes, we will have to understand its dimensions and accordingly reconfigure the ATM cassettes. Next, we will have to check if the supply of new Rs 200 notes is good enough to run the cassettes at full capacity.”
“The entire process of recalibration can be completed within 90 days without affecting the regular functionality of ATMs to a large extent. In fact, the ATMs will continue to be fully operational during recalibration and will continue to supply Rs 100, Rs 500 and Rs 2,000 denominations,” he said.
Among the other companies operating in the sector are NCR Corporation, which has over 1,08,000 machines, and BTI Payments, which has 4,500 cash dispensers. NCR Corporation said that while some banks have reached out to them to start testing of the new Rs 200 notes, they were yet to receive the supply to begin the process.
“Banks have started getting in touch with us for testing the same “new Rs 200 notes”. They will let us know which machines they wish to configure for new rs 200 notes, which will require physical visits to ATMs. However, the new Rs 200 notes are still to be provided to us by the respective banks so that the testing can begin,” Anand Garollu, General Manager (Services), NCR Corporation said.
K. Srinivas, Managing Director, and CEO of BTI Payments, a RBI-licensed firm that operates cash dispensers not owned and managed by banks, said, “Recalibration will begin as and when we receive adequate quantity of new Rs 200 notes. We are looking to roll this out as quickly as possible.”
He said that the industry was expecting new Rs 200 notes to be available over a period of time across various geographies.
“The recalibration can be done progressively as and when the new denomination note starts to become available. Unlike the last time around (during demonetization), when we had to recalibrate all machines in one go,” Srinivas added.
The ATM companies said that they were expecting to receive official communication on recalibration of ATMs soon. However, emails to RBI in this regard did not elicit any reply, they said.
“The production of these “new Rs 200 notes” is being ramped up by the currency printing presses and over time, as more notes are printed, it will be distributed across the country through the banking channels and will be available for the public in adequate quantity,” the RBI had said in a statement.
Currently, new Rs 200 notes are available only through select RBI offices and some banks.
While State Bank of India and Punjab National Bank are reported to have received the new Rs 200 notes, Eknath Baliga, Manager, KYC-Antimoney Laundering Cell, Corporation Bank, Mangalore, told IANS that none of its branches across the country had received the new Rs 200 notes so far.
The new Rs 200 notes are currently being printed only by RBI presses. Security Printing and Minting Corporation of India (SPMCIL) sources told IANS that the company has not received any indent so far for the printing of new Rs 200 notes. India’s two currency presses are owned by RBI and two by SPMCIL, which is a government-owned company.
How ATM recalibration happens:
Usually, an ATM holds four cassettes — three of which can continue to be used for Rs 100, Rs 500, Rs 2,000, and the fourth cassette can be used for the new Rs 200 notes. On an average, each cassette has a capacity to hold 2,000-2,500 notes depending upon the quality of cash issued by banks. However, there are many ATMs that only have either two or three cassettes.
The number of slots in the ATM can be configured as per the bank’s preference. The banks decide which denomination needs to be configured in a machine on the basis of the customer profile in the area where the ATM is located and the number of transactions on that machine.
The banks need to make requisite changes at their ATM switch before the rollout of the physical recalibration at the ATMs in the field.
The recalibration of a new denomination takes 30-45 minutes per ATM. The process of recalibration is not very difficult but is time-consuming given an engineer has to visit every ATM and configure it to dispense the requisite denomination.
The introduction of the Rs 200 note has been welcomed as it would ease the currency circulation in the market as people prefer lower denomination cash withdrawals from ATMs. Rs 200 would also be more convenient for rural consumers. (IANS)
This will be the first time the country sees the Rs. 200 denomination. This decision of the RBI comes as a solution to reduce the burden on Rs 100 notes and to face liquidity issues.
The note will come with a picture of the Father of the Nation, Mahatma Gandhi, and will bear the signature of RBI Governor, Dr. Urjit R. Patel.
Additionally, the Sanchi Stupa Motif is at the back side of the note. The color of the note is bright yellow. The new notes will measure 66 mm x 146 mm.
Initially, the new notes will not be available at the ATM Kiosks but can only be found at some banks and RBI offices.
When India demonetized in 2016, the response was the issue of new Rs 500 and Rs 2000 notes. Rs 100 note then follows.
People faced trouble when the Rs 2000 note had to be broken down. The issue of new Rs 200 notes seeks to solve this problem. It will also help the currency system become drastically more efficient. Smoother exchange of transactions will also be facilitated through this step.
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Raja Chari is an American of Indian descent chosen by NASA for the new batch of astronauts
Currently, he is a Lieutenant Colonel in the US Air Force
Chari will have to go through two years of astronaut training which begins in August
June 06, 2017: NASA has chosen 12 astronauts out of a record-breaking 18,300 applications for upcoming space missions. An American of Indian descent, Raja Chari, has successfully earned his spot in the top 12.
The astronauts were selected on the basis of expertise, education, and physical tests. This batch of 12 astronauts is the largest group selected by NASA since two decades. The group consisting of 7 men and 5 women surpassed the minimum requirements of NASA.
Born in Waterloo, Iowa, Chari graduated from Air Force Academy in 1999 with a bachelor’s degree in Astronautical Engineering and Engineering Science. He went on to complete his master’s in Aeronautics and Astronautics from Massachusetts Institute of Technology. The astronaut is also a graduate of US Naval Test Pilot School.
Currently, Raja Chari is a Lieutenant Colonel in the US Air Force. He is the commander of 461st Flight Test Squadron and director of the F-35 Integrated Test Force at Edwards Air Force Base in California.
After Late Kalpana Chawla, Lt. Col. Raja Chari is the second Indian American astronaut chosen by NASA.
The 12 astronauts will have to go through two years of training. Upon completion, they will be assigned their missions ranging from research at the International Space Station, launching from American soil on spacecraft by private companies, to flying on deep space missions on NASA’s Orion Spacecraft.
The US Vice-President Mike Pence visited the Johnson Space Centre in Houston to announce and congratulate the new batch. Pence also said that President Trump is “fully committed” to NASA’s missions in space.