RBI to implement lockable cassettes for swapping in ATMs

Apr 16, 2018 | by Avantis RegTech Legal Research Team

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Reserve Bank of India (RBI) on recommendations of the Committee in order to mitigate risks involved in open cash replenishment/ top-up, has advised all the banks to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment.

The lockable cassettes may be implemented in a phased manner covering at least one third ATMs operated by the banks every year, such that all ATMs achieve cassette swap by March 31, 2021.

The banks are required to furnish a quarterly report to the Issue Department of the Regional Office under whose jurisdiction their Head Office is situated, within 15 days of the close of every quarter commencing June 30, 2018 by email.

[RBI/2017-18/162 DCM (Plg.) No. 3641/10.25.007/2017-18]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI162015F9395526F44CB85D37026698550B6.PDF



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