Kathmandu. ATMs in Nepal have been witnessing a shortage of Rs 1,000 denomination notes for some time now. There is a shortage of ‘fit notes’ that can be kept in ATMs in banks.

It is not easy to withdraw Rs 1,000 and Rs 500 notes from an ATM. ATMs require cash. If it is a dry note, it can be easily removed. Due to the shortage of dry notes in the market, banks have started keeping some old notes. As a result, bankers have been saying that there is a problem of withdrawing money from ATMs.

Currently, Nepal Rastra Bank (NRB) is distributing cash notes of Rs 1,000 and Rs 500 denominations. As a result, there are not enough notes in the ATM. Some banks are temporarily operating ATMs with Rs 500 and Rs 100 notes, but this has caused inconvenience to customers who want to withdraw large amounts.

Meanwhile, the Nepal Rastra Bank (NRB) has also reduced the limit on ATMs. Earlier, there was a limit of Rs 25,000 for one time. According to the CEO of a bank, the Nepal Rastra Bank has directed to set this limit at Rs 20,000 some time ago.

“When there is a shortage of fit notes required for ATMs, we have been selecting Ali Sukila notes from the cash brought by the customers in the bank,” said one of the CEOs, “Some days, when the counter is closed, the employees at the counter collect all the money and choose the fit notes that are suitable for the fitted notes.” There is no shortage of notes. It’s been a bit uncomfortable. ’

Due to the lack of enough fit notes, the number of bank employees is increasing. For a long time, the central bank has been encouraging digital transactions rather than carrying cash. The use of digital payments may have increased due to the shortage of notes in ATMs. For out-of-town customers, cash is more effective than digital transactions for a variety of reasons.

Nepal Rastra Bank (NRB) has not issued new banknotes of Rs 1,000 and Rs 500 denominations for the last six years. As a result, there is a shortage of fit notes kept in ATMs in banks. Earlier, the Nepal Rastra Bank (NRB) had printed 400 million units of Rs 1,000 denomination and Rs 190 million banknotes of Rs 500 denomination. Since then, the note has not been printed. The note was brought into circulation from July 2077.

The problem of getting stuck in the ATM while keeping the notes printed about 6 years ago is increasing gradually. The Nepal Rastra Bank (NRB) had in 2079 BS awarded the contract to the Security Printing and Minting Corporation of India (SSCI) to print Rs 1,000 and Rs 50 notes.

The Nepal Rastra Bank (NRB) has cancelled the contract for the Indian company’s counter-insurgency on the grounds that the banknotes were of sub-standard. After the cancellation of the contract, the Indian company has filed a case in the court. As a result, the printing of notes has been delayed.