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Banks to implement a new system to replenish cash in ATMs
April 01, 2022
The Reserve Bank of India on Thursday gave one more extension till March 2023 to banks to implement its direction on the use of only lockable tapes for replenishing cash in their ATMs. At present, most of the ATMs (Automated Teller Machines) are replenished via open cash top-up or by loading cash in the machines on the spot.
To do away with the present system, the Reserve Bank of India (RBI) had asked the banks to ensure that lockable cassettes are swapped at the time cash is replenished in the ATMs.
In April 2018, the controller had requested that banks consider involving lockable cassettes in their ATMs, which will be traded at the hour of cash replenishment. It was to be carried out in a phased manner, covering something like 33% ATMs operated by the banks every year, with the goal that all ATMs achieve swap by March 31, 2021.
“Representation has been received from various banks and the Indian Banks’ Association, expressing difficulties in meeting the timetable. In like manner, it has been chosen to extend the timeline for implementation of swap trade in all ATMs till March 31, 2023,” the RBI said in a circular.
The RBI has likewise asked banks set a board-approved internal timetable to stick to the extended deadline and submit quarterly status reports.
Boards of the banks shall monitor the progress to ensure compliance, the circular said.
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