What changed
The earlier deadline of March 31, 2021 for completing cassette swap in all ATMs has been extended by one year to March 31, 2022. Banks are now required to submit quarterly progress reports to RBI within seven days of each quarter end, starting from the quarter ending September 2021.
What it means for you
Banks get additional time to retrofit or replace ATMs with lockable cassettes, easing operational pressure. However, they must now maintain stricter quarterly monitoring and reporting to the Board and RBI, which increases compliance burden. Non-adherence could invite regulatory scrutiny.
What you must do
- Update your ATM cassette swap implementation plan to meet the new March 31, 2022 deadline.
- Set up quarterly progress review at Board or ACB level starting from quarter ending September 2021.
- Submit quarterly status reports via email to RBI's Department of Currency Management within seven days of each quarter end.
- Ensure all ATMs are equipped with lockable cassettes by the extended deadline.
Who it affects
All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks
Why was the cassette swap deadline extended?
RBI received representations from the Indian Banks' Association on behalf of various banks expressing difficulties in meeting the original March 31, 2021 timeline.
What is the new deadline for completing cassette swap in all ATMs?
The new deadline is March 31, 2022.
How should banks report progress to RBI?
Banks must monitor progress quarterly at the Board or ACB level and report status via email within seven days of each quarter end, starting from the quarter ended September 2021.