Current · Source: Reserve Bank of India · RBI/2021-22/190 · issued 31 Mar 2022 · ~1 min read
Quick answerRBI extends ATM cassette swap deadline to March 31, 2023, after banks and IBA cited difficulties. Banks must set board-approved internal timelines and submit quarterly progress reports.
The rule, in the simplest words
Banks must swap old ATM cash boxes with lockable ones by March 31, 2023 (the deadline was moved from 2022 to 2023 because banks said it was hard to do on time).
Each bank's board (the top leaders) must approve a plan with dates to finish all swaps by the new deadline.
Banks have to send a report every three months to RBI (the central bank) showing how the swap work is going.
The board must check the progress often to make sure the bank follows the rule.
How it plays out — a real example
A branch operations officer in Indore, Priya, is also in charge of her bank's ATMs. She uses the extra year to schedule the cassette swap for all 50 ATMs in her district, gets the board's approval for her timeline, and sends a quarterly report to RBI showing she's on track, making sure no old cash boxes are left by March 2023.
What changed
The deadline for implementing lockable cassette swaps in all ATMs has been extended from March 31, 2022, to March 31, 2023. This follows representations from banks and the Indian Banks' Association about challenges in meeting the earlier timeline.
What it means for you
Banks get an additional year to retrofit or replace ATMs with lockable cassettes, easing operational pressure. However, they must now set board-approved internal timelines and report quarterly progress, increasing compliance oversight. Non-compliance could attract regulatory scrutiny.
What you must do
Set a board-approved internal timeline for completing cassette swap in all ATMs by March 31, 2023.
Submit quarterly status reports to RBI on implementation progress.
Ensure board-level monitoring of compliance with the extended deadline.
Continue following all other instructions from earlier circulars on this subject.
Who it affects
All banks operating ATMs in India, ATM cash replenishment service providers, Bank boards and compliance teams
❓ Common questions
Why was the deadline extended?
RBI received representations from banks and IBA citing difficulties in meeting the original March 31, 2022 timeline, so it extended the deadline to March 31, 2023.
What are the new reporting requirements?
Banks must set a board-approved internal timeline and submit quarterly status reports to RBI. Boards must monitor progress to ensure compliance.
Does this change any other instructions?
No, all other instructions from the earlier circulars on cassette swaps remain unchanged.
📜 Read the original circular — full text as issued by RBI
RBI/2021-22/190
DCM (Plg.) No.S 1117/10.25.007/2021-22
March 31, 2022
The Chairman / Managing Director/
Chief Executive Officer
All Banks
Madam / Dear Sir,
Cassette - Swaps in ATMs
Please refer to the circulars RBI/2017-18/162/ DCM (Plg.) No. 3641/10.25.007/2017-18 dated April 12, 2018 and RBI/2021-22/71/ DCM (Plg.) No.S39/10.25.007/2021-22 dated July 12, 2021 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, which was later extended to March 31, 2022.
2. In this regard, 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.
3. Banks shall set a Board approved internal timeline to adhere to the extended deadline and submit quarterly status reports. Boards of the banks shall monitor the progress to ensure compliance.
4. All other instructions contained in the circulars ibid remain unchanged.
Yours faithfully,
(Suman Ray)
Chief General Manager-in-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-22/190 · issued 31 Mar 2022. The plain-English explanation above is BankPulse’s own independent summary.
Example: if you are a Compliance officer at a bank this circular applies to (All banks operating ATMs in India, ATM cash replenishment service providers, Bank boards and compliance teams), your first concrete step on “ATM Cassette Swap Deadline Extended to March 2023” is: “Set a board-approved internal timeline for completing cassette swap in all ATMs by March 31, 2023.” (RBI issued this 31 Mar 2022).
Circular: RBI/2021-22/190 -- ATM Cassette Swap Deadline Extended to March 2023
Issued: 31 Mar 2022
Action required: Set a board-approved internal timeline for completing cassette swap in all ATMs by March 31, 2023.
Action required: Submit quarterly status reports to RBI on implementation progress.
Action required: Ensure board-level monitoring of compliance with the extended deadline.
Action required: Continue following all other instructions from earlier circulars on this subject.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12263&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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