The Reserve Bank of India (RBI) on Thursday has given another extension till March 2023 to banks to implement its direction on the use of only lockable cassettes for replenishing cash in their ATMs. Currently, the maximum number of Automated Teller Machines is replenished b way of open cash top-up or by lading cash in the machines on the spot.
The Reserve Bank of India has mentioned in a circular, “Representations have been received from various banks and 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 has instructed the banks to create a board-approved internal timeline to adhere to the extended deadline and submit a quarterly reports of the status. The circular also said that the boards of the banks must also monitor the progress to ensure compliance.
