RBI extends timelines for banks to use lockable cassettes in ATMs by a year

The Reserve Bank of India (RBI) has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023. 

The RBI decided to extend the timeline after it received representations from various banks and Indian Banks’ Association expressing difficulties in meeting the timeline. 

This is not the first time that the central bank has extended the timeline. The banks were supposed to start using lockable cassettes in a phased manner such that it covers atleast one-third of the ATMs covered by the banks by March 31, 2021. However, the timeline was extended to March 31, 2022. 

The RBI had come out with the circular intimating banks to make this change back in 2018.