Banks get time until March 2022 for implementing the lockable cassettes swap system for ATMs
The deposit financial organization has extended the purpose till March 2022 for banks to use only lockable cassettes for replenishing profit Automated Teller Machines. Currently, most of the ATMs (Automated Teller Machines) are replenished by the way of open cash measure or by loading profit the machines on the spot. 
To do away with the present system, the depository financial institution of Bharat (RBI) had asked banks to confirm that lockable cassettes are swapped at the time of money refilling within the ATMs.
Following representations received from banks citing difficulties in moving towards the lockable cassettes system, the run has been set to extend the purpose for its implementation till March next year, per a notification issued on Wednesday.
It had been to be enforced in a very phased manner covering a minimum of third Automated Teller Machines operated by the banks every year, such all Automated Teller Machines succeed instrumentation swap by March 31st, 2021.
“In this regard, representations are received from Indian Banks’ Association on behalf of varied banks expressing difficulties in meeting this timeline. consequently, it’s been set to increase the timeline for implementation of container swap altogether Automated Teller Machines until March thirty-one, 2022,” RBI said.
Banks have conjointly been asked to watch progress and build the specified course correction at the tip of each quarter and report standing to the run. The recommendation to modify lockable cassettes in ATMs was supported by the Committee on Currency Movement created by the financial organization.
Conclusion: At the tip of might month, there are one,10,623 ATMs on the location of banks and one,04,031 of site-ATMs at intervals in the country.
