The Reserve Bank of India (RBI) has extended the timeline for implementation of cassette swap in all ATMs till March 31, 2022.
This comes in the wake of the Indian Banks’ Association making a representation on behalf of various banks, expressing difficulties in meeting the March 31, 2021 timeline.
Based on the recommendations of the Committee on Currency Movement (CCM), RBI, in April 2018, had advised that banks may consider using lockable cassettes in their ATMs, which shall be swapped at the time of cash replenishment. This is aimed at mitigating risks involved in open cash replenishment/ top-up.
The RBI then said cassette swap in ATMs 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.
As at March-end 2021, banks had 2.14 lakh ATMs and white label ATM operators had 25,000 ATMs across the country.