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
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.