The Reserve Bank of India has called a meeting this week with banks that have used the services of AGS Transact Technologies, a company that handles the cash loaded into ATMs. The main agenda for the meeting, according to sources, is to obtain an assessment of cash being handled by AGS, some of which banks said they are unable to trace.

While there is no official estimate available to ascertain the amount of money which has been untraceable since mid-January -- when AGS’ problems came into the public domain -- banks who use the ATM services of AGS Transact say the sum could total to about Rs 1,000-1,500 crore.

Emails sent to RBI in this regard remained unanswered till publishing the article.

"The company strongly refutes these unfounded allegations of unaccounted funds and misappropriation. We are in the process of reconciling cash across our ATMs and vaults and handing it over to the respective banks in line with established industry procedures,” said a spokesperson for AGS Transact.