RBI notification on Cassette - Swaps in ATMs

Last updated: 15 July 2021

Save Share

Quick Summary

The Reserve Bank of India (RBI) has extended the deadline for implementing lockable cassette swaps in ATMs. Originally set for March 31, 2021, the new deadline is March 31, 2022. This extension was granted following representations from banks citing difficulties in meeting the original timeline. Banks are now required to monitor their progress quarterly and report their status to the RBI.

RBI/2021-22/71
DCM (Plg.) No.S39/10.25.007/2021-22

July 12, 2021

The Chairman / Managing Director & Chief Executive Officer
All Scheduled Commercial Banks including RRBs
Urban Co-operative Banks / State Co-operative Banks /
District Central Co-operative Banks.

Madam / Dear Sir,

Cassette - Swaps in ATMs

Please refer to our circular RBI/2017-18/162/DCM (Plg.) No.3641/10.25.007/2017-18 dated April 12, 2018 on the captioned subject wherein banks were advised to consider using lockable cassettes in their ATMs which shall be swapped at the time of cash replenishment. The same was advised to 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.

2. In this regard, representations have been received from Indian Banks’ Association on behalf of various banks expressing difficulties in meeting this timeline. Accordingly, it has been decided to extend the timeline for implementation of cassette swap in all ATMs till March 31, 2022.

3. Banks shall monitor progress and make the required course correction at the end of every quarter, at the level of Board / ACB and report status within seven days of the end of the quarter, starting from the quarter ended September 2021, to the Chief General Manager-in-Charge, Department of Currency Management, Reserve Bank of India, Central Office, Amar Building, Fourth Floor, Sir P. M. Road, Fort, Mumbai 400 001. The said report should be sent by e-mail. No hard copy need be sent.

Yours faithfully,

(Subrata Das)
Chief General Manager-in-Charge

FAQ :

A cassette swap in ATMs refers to the practice of using lockable cassettes that are swapped out during cash replenishment.

The original deadline for all ATMs to achieve cassette swap was March 31, 2021.

The deadline has been extended because banks reported difficulties in meeting the original timeline for implementation.

The new deadline for implementing cassette swaps in all ATMs has been extended to March 31, 2022.

Banks must monitor their progress at the end of every quarter and report their status to the RBI within seven days of the quarter's end, starting from the quarter ended September 2021.

Progress reports should be submitted via email to the Chief General Manager-in-Charge, Department of Currency Management, Reserve Bank of India.

Notification No : RBI/2021-22/71 DCM (Plg.) No.S39/10.25.007/2021-22
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12130&Mode=0

299 Views Comment Share Community & General Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments