Mumbai: The reserve bank has extended the time limit of up to 2022 March to use banks using only tapes that can be locked to refill UTM.
At present, most ATMs (automatic teller machines) are replenished by opening the top-up or by loading cash on the machine in place.
To eliminate the current system, the Bank of India (RBI) reserves have asked the bank to ensure that the tapes that can be locked are exchanged when filling in cash at the ATM.
After the representation received from the bank quoting the difficulty in moving towards a lockable tape system, the RBI has decided to extend the deadline for its implementation until March next year, according to the notification issued on Wednesday.
In April 2018, APEX Bank has asked the bank to consider using tapes that can be locked in their ATMs that will be exchanged at the time of filling in cash.
It will be implemented gradually that covers at least one-three ATMs operated by the bank every year, so all ATMs reach a cassette swap on March 31, 2021.
“In this case, representation has been received from the Bank India Association on behalf of various banks that state difficulties In fulfilling this timeline.
Thus, it has been decided to extend the timeline for the implementation of a cassette swap in all ATMs until March 31, 2022, “RBI said.
The bank has also been asked to monitor progress and create a course correction needed at the end of each quarter and report status to the RBI.
Recommendations to switch to tapes that can be locked at the ATM are based on the Committee report on the movement of currencies governed by the central bank.
At the end of May, there were 1,10,623 ATMs at the bank location and 1,04,041 ATM sites in the country.