Rs 25 crore from banks yet to be paid to CIT- note ban payment

New Delhi Dec 13: More than a year after the note ban, Cash in Transit (CIT) companies are waiting for payment of about Rs 25 crore from banks for their additional services rendered during the period, the Cash Logistics Association (CLA) said on Wednesday.

CLA secretary general US Paliwal said these companies provided additional services for evacuating old Rs 500 and Rs 1,000 notes from ATMs across the country and recalibration of about 1.5 lakh ATMs to dispense new notes of Rs 2,000 and Rs 500.

"Nine such companies in India did a marvellous job of evacuation and recalibration... This was done across the country in a record time which was aimed at providing the new notes in the shortest possible time," he said.