Friday, August 12th, 2022 06:12:28

RBI extends timelines for banks to use lockable cassettes in ATMs by March 2023

Updated: April 1, 2022 1:19 pm

The Reserve Bank of India has extended the timeline for banks using lockable cassettes in their ATMs which could be swapped at the time of cash replenishment by a year to March 31, 2023. RBI in a notification issued yesterday said the decision has been taken after it received representations from various banks and Indian Banks’ Association expressing difficulties in meeting the timeline.

It has directed the Banks to set a Board approved internal timeline to adhere to the extended deadline and submit quarterly status report and has asked the Boards of the banks to monitor the progress to ensure compliance.

Currently, most of the ATMs are replenished by way of open cash top-up or by loading cash in the machines on the spot. RBI had asked to replace this system by ensuring that lockable cassettes are swapped at the time of cash replenishment in the ATMs.

Earlier, the banks were supposed to start using lockable cassettes in a phased manner such that it covers atleast one-third of the ATMs covered by the banks by March 31, 2021. Later, the timeline was extended to March 31, 2022

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