ATMs starts dispensing more of Rs 500 instead of Rs 2,000

New Delhi, Feb 26: Banks have started dispensing more of Rs 500 notes instead of Rs 2,000 denomination notes, a move seen as a gradual phasing out of the high denomination currency.

The Reserve Bank of India (RBI) in an RTI response last year had said that the central bank had stopped printing Rs 2,000 denomination currency notes.

Although there has been no dictate from the Finance Ministry, banks on their own have decided to fill their ATMs with smaller denomination notes for the convenience of customers, sources said.