RBI extends timeline for banks to use lockable cassettes in ATMs by a year to March 31, 2023
- The Reserve Bank of India (RBI) had advised banks to consider using lockable cassettes in their ATMs, which shall be swapped at the time of cash replenishment.
- Banks were directed to implement the lockable cassette swap in a phased manner, such that at least one-third ATMs operated by them is covered every year, while all ATMs achieve cassette swap by March 31, 2021.
- However, this deadline was later extended to March 31, 2022.
- Further, upon receiving representations from various banks for facing difficulties in meeting the timeline, RBI has further extended the timeline for implementation of cassette swap in all ATMs by a year till March 31, 2023.
Points to Remember:
- Deadline for banks to implement lockable cassettes swaps in all their ATMS?
Source: Business Standard