All ATMs shall achieve cassette swap by March 31, 2023: RBI

The Reserve Bank of India (RBI) on Thursday has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023.

The RBI had come out with the circular in 2018 advising banks to consider using lockable Cassette – Swaps in their ATMs which shall be swapped at the time of cash replenishment. The same was advised to be implemented in a phased manner covering at least one-third of ATMs operated by the banks every year, such that all ATMs achieve cassette swap by March 31, 2021, which was later extended to March 31, 2022.

In the captioned subject, representations have been received from various banks and the Indian Banks’ Association expressing difficulties in meeting the timeline. Accordingly, it has been decided to extend the timeline for implementation of cassette swap in all ATMs till March 31, 2023, RBI said.

Banks are required to set a Board approved internal timeline to adhere to the extended deadline and submit quarterly status reports, as per the RBI circular in this regard. Boards of the banks shall monitor the progress to ensure compliance, it said.