Now the way to make money in an ATM machine completely changes. In fact, the Central Reserve Bank has recently issued a notification to banks. In this notification, RBI has asked banks to use only locking cassettes on ATM machines.
In fact, in 2018, the Reserve Bank’s committee recommended replacing cassettes in ATM machines. Following the recommendations of the committee, the Reserve Bank issued a notification to mitigate the risk of loose money filling / top-up.
In the 2018 notification, it is said that banks may consider using locking cassettes on their ATM machines, which can be changed when filling out cash. By March 31, 2021, the RBI had set a deadline for banks to replace all ATM cassettes. However, banks have not been able to fully make these changes until this deadline. Now in the new notification, the deadline to complete the process of replacing cassettes on all ATMs is set for March 22, 2022. Banks are required to report to the RBI at the end of each quarter.
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What is an ATM Cassette: The role of cassettes in ATM machines is to keep money. Currently, the method of loading money on ATM machines is risky. Therefore, the emphasis is on the use of locking cassettes only on RBI ATM machines.