Swaps in ATMs

In terms of recommendations of Shri.D.K.Mohanty Committee on Currency Movement(CCM), RBI advised all the banks to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment. The above decision was taken by the Central Bank in order to mitigate risks involved in open cash replenishment/top up.

RBI advised the banks that they may implement lockable cassettes in their ATMs in a phased manner covering at least one-third ATMs operated by the banks every year, so that all ATMs achieve cassette swap by March 31, 2021.In this regard, the banks are required to furnish a quarterly report to the Issue Department of the Regional Office of RBI under whose jurisdiction their Head Office is situated, within 15 days of the close of every quarter commencing June 30, 2018, by email.

Surendra Naik

Next What is a Bridge Loan? »

Previous « Reporting of remittance under Liberalised Remittance Scheme (LRS) scheme

Published by

Surendra Naik

7 years ago

Bank Holidays 2025: GOA
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…
Bank Holidays 2025: State of Kerala
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…
Banking Laws Amendment Bill 2024 introduced In Lok Sabha: What’s new in law?
Finance Minister Nirmala Sitharaman on Friday introduced in the Lok Sabha the Banking Laws (Amendment)…