Small denomination note ATM starts service in China

Beijing, Oct 26 (IANS) An automated teller machine (ATM) in China’s Jiangsu province will now provide small denomination notes, claiming to be the first in the country to offer such a service.

Owned by the Bank of Jiangsu branch in Suzhou city, the ATM allows people to withdraw five, 10, 20 and 50 yuan notes. Normally ATMs disburse only 100 yuan notes, Xinhua news agency reported on Monday.

“Small notes are used frequently in our daily life, but we usually can only get them at the bank counter. People can now get small change at the ATM to avoid queuing up,” said sources with the Suzhou branch of the People’s Bank of China (PBOC).

“We found that the 50 yuan and 20 yuan notes are more popular,” said a bank official.

It is expected that about 20 such ATMs will start service in the first half of 2016 in Suzhou to help relieve the pressure of long queues in front of bank counters, he added.

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