Reserve Bank of India (RBI) has extended the deadline for replacement of cassettes till March 31, 2022.
The Reserve Bank of India (RBI) has extended the deadline for replacement of cassettes till March 31, 2022. Currently, most ATMs (automated teller machines) are filled through open cash top-up or by loading cash into the machines on the spot.
In order to do away with the existing system, RBI wants to ensure, along with other banks, that lockable cassettes are exchanged at the time of cash filling at ATMs.
According to the notification issued by RBI, banks were facing difficulties in introducing the lockable cassette system, due to which the deadline has been extended. Now the new deadline has been extended till March next year.
In April 2018, RBI had asked banks to consider using lockable cassettes in their ATMs, so that they can be replaced while refilling cash. This sister was to be implemented in one third of the ATMs in phases, so that the ATM
In this time, the Indian Banks Association said on behalf of the bank that they are facing difficulties in working according to this deadline, after which the deadline has been extended. Banks have also been asked to see the progress every quarter.
