Reserve Bank of India on Monday (July 12) extended the timeline for implementation of using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment, till March 31, 2022.
The Reserve Bank of India (RBI) had constituted a Committee on Currency Movement (CCM) under the chairmanship of Shri D.K. Mohanty, Executive Director, to review the entire gamut of security of the treasure in transit in order to mitigate risks involved in open cash replenishment/ top-up. On the basis of D.K.Mohanty Committee recommendations, RBI during April 2018 advised all the banks to consider using lockable cassettes 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. However, in this regard, IBA on behalf of various banks expressed difficulties in meeting the above timeline, and therefore “it has been decided to extend the timeline for implementation of cassette swap in all ATMs till March 31, 2022”, RBI said.
Banks were advised to monitor progress and make the required course correction at the end of every quarter, at the level of Board / ACB and report status within seven days of the end of the quarter, starting from the quarter ended September 2021, and report to the Chief General Manager-in-Charge of RBI, Department of Currency Management.