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The Silicon Review Asia

Implementation of lockable cassettes swap system for ATMs get time till the end of March 2022

Implementation of lockable cassettes swap system for ATMs get time till the end of March 2022

The Reserve Bank of India (RBI) has recently made an announcement that it will be extending the time give for banks to implement cassette swap technology in all ATMs till the end of March 2022. As of now, the majority of the ATMs still make use of manual loading methods or open cash top-up to load cash in ATMs on the spot. The newly proposed method ensures that the lockable cassettes are only swapped in the machine while replenishing the cash in ATMs.

When the new method was announced, the banks stated that it was very difficult to go ahead with the lockable cassette method, but RBI anyways went ahead with the new plan and has given all the banks time till March 2022 to adhere to the notification issued recently. Back in 2018, RBI had advised banks to make use of lockable cassettes in their ATMs so that they can be easily swapped while replenishing the cash in ATMs. This new method was proposed to roll out in a phased manner according to which banks can cover at least 1/3rd of the ATMs every year. The goal was previously set to be achieved in March 2021, but due to banks' appeal to the RBI, the time has been extended till March 31, 2022.

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