Banking News

Swaps in ATMs

Swaps in ATMs


 
In terms of recommendations of Shri.D.K.Mohanty Committee on Currency Movement(CCM), RBI advised all the banks to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment. The above decision was taken by the Central Bank in order to mitigate risks involved in open cash replenishment/top up.
RBI advised the banks that they may implement lockable cassettes in their ATMs in a phased manner covering at least one-third ATMs operated by the banks every year, so that all ATMs achieve cassette swap by March 31, 2021.In this regard, the banks are required to furnish a quarterly report to the Issue Department of the Regional Office of RBI under whose jurisdiction their Head Office is situated, within 15 days of the close of every quarter commencing June 30, 2018, by email.

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