Banks receive time till March 2023 to implement new system to replenish cash in ATMs
By MYBRANDBOOK
The Reserve Bank of India has given an extension back until March 2023 to the bank to carry out its directive on only tapes that can be locked to fill money at its ATMs.
Currently, most ATMs (Automated Teller Machines) are refilled by opening top-up cash or by loading money in machines in place. The Reserve Bank of India (RBI) has asked the bank to ensure that the lockable cassettes are exchanged at the time of filling the money at the ATM.
In April 2018, the regulator had asked the bank to consider using a lockable cassette in its ATM, which would be replaced at the time of filling the money. It should be implemented gradually, including at least a third of ATMs operated by banks each year, so that all ATMs reach the swap cassette by March 31, 2021.
Representatives have been received from several banks and the Bank of India Association stating difficulties in keeping the timeline. Accordingly, RBI has decided to extend the timeline for the implementation of cassette swaps in all ATMs until March 31, 2023.
The RBI in its circular said the Bank must define a Board approved internal timeline to adhere to the extended deadline and submit quarterly status reports. The bank board shall monitor progress to ensure compliance.
The recommendation to switch to tapes that can be locked at ATMs is based on the report of the Currency Movement Committee set by the central bank.
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