THE NEWLY installed State Bank of India (SBI) ATM in the Administrative Block of Panjab University is likely to give a lesson or two to the student community on saving up and spending frugally. Reason: the ATM dispenses notes of Rs 100 only.
According to the university authorities, the ATM was set up, keeping in mind the financial needs of the student community and small traders/construction workers at the university. SBI official Anil Grover told Chandigarh Newsline, “As such, there is a shortage of Rs 100 notes at ATMs, and students only spend small amounts of money, which is why this unique ATM has been set up for them. Not only that, there are several shopkeepers in the PU market area who are looking for smaller currency notes, so they will be benefited by this as well.”
Many students of the university believe that the ATM will be a good way of keeping a check on their expenses. “For us students, this is actually a means of managing our finances better. More often than not, ATMs do not have Rs 100 notes, which is why we always end up withdrawing higher amounts and even spending more,” said Ritu Chabbra, a student of PU’s Department of Geology.
“The advantage of being able to withdraw notes of Rs 100 only is that we will eventually spend lesser. When withdrawing money from this ATM, I would personally think twice before I withdraw a huge amount of Rs 1,000, for instance. That’s 10 notes of Rs 100, and it will only make sense to withdraw a lesser amount,” added Naman, another student of the varsity.
Explaining how small traders in the university are likely to benefit from the new ATM, owner of a small eatery in the PU market area Gurpreet Randhawa said, “There are times when shopkeepers are running out of notes of smaller denominations, so this ATM will actually be beneficial.”
However, for few other students like Roshini, a student of PU Department of Evening Studies, the ATM is unlikely to help in managing of finances. “I would rather withdraw a huge amount from the ATM once, rather than having to visit it again and again to withdraw smaller denominations,” she said.
The students point out that the location of the ATM in the university’s Administrative Block is likely to be a disadvantage for them. “Even though I personally welcome the move, the problem is that the ATM is located in the Admin Block, and we hardly ever go there. If the ATM were to be installed in the market area, it would actually have been a whole lot better,” Ritu added.
Flooded with several restaurants, grocery shops, stationery shops and other small eateries, the market area of PU near the varsity’s Gate No. 2 is amongst the famous hangout spots within the university campus. Currently, within the PU campus, there are six other SBI ATMs installed already that dispense notes of all denominations.