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Implementation of cassette swap in ATMs extended till March 31, 2023

The Reserve Bank of India has decided to extend the deadline for implementing cassette swap in all ATMs until March 31, 2023. Banks must set an internal timeline approved by the Board in order to meet the extended deadline and submit quarterly status reports. Bank boards must monitor progress to ensure compliance.

According to previous circulars, banks were advised to consider using lockable cassettes in their ATMs, which would be swapped during cash replenishment. It was recommended that the same be implemented in a phased manner, with at least one-third of the ATMs operated by banks covered each year, so that all ATMs achieve cassette swap by March 31, 2021, which was later extended to March 31, 2022. In this regard, representations from various banks and the Indian Banks’ Association have been received, expressing difficulties in meeting the deadline.

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