New cash management for ATM norms to cost Rs 120 billion in five years

Currency in circulation needs to be increased due to shift to cassette swap method

The new norms for cash management by the Reserve Bank of India (RBI) would cost Rs 120 billion over a period of five years, according to an estimate by Confederation of ATM Industry (CATMI).

CATMI, the industry body for ATMs, sent a note to both the RBI and the National Payments Corporation of India (NPCI) detailing these additional costs due to the new norms and asked for a relook at the interchange model.

The new requirements include a shift to cassette swap system, mandate armed guards while transferring money as well as a host of other measures that would require