As per committee on currency Chest (Chaired :Shri.D.K.Mohanty) recommendation, RBI advised the banks that they shall follow the below procedure.
- Cash indents by the Service Provider shall be made at least a day in advance (T-1 where T is the day of cash loading), in consultation with the chest / nodal branch.
- Cash withdrawal points shall be restricted to one in each centre. However, metropolitan centres may have two points of cash withdrawal.
- Reconciliation of transactions shall be done between the bank, the service provider and its sub-contractors at least on a T+3 basis.
- In the cases of dispute or the reporting of alleged / attempted breach of security / laid down procedures, access to video footage of the ATM may be provided by the bank on the request of the service provider and its sub-contractors.
- It was advised by the Banking Regulator that the outsourcing arrangements for cash management, the bank shall encourage their service provider and its sub-contractors to put in place an efficient digital records management system for data retrieval and reconciliation.
- Bank shall also encourage service provider and its sub-contractors to create and maintain a data base of employees at industry level through any unique mode / code of identification by the Self-Regulatory Organisation to ensure that they possess unblemished records.
Source: RBI circular RBI/2018-19/183,DCM (Plg) No.2746/10.25.07/2018-19 dated May 14, 2019