The RBI has modified its 2022 ATM cassette swap guidelines, allowing bank boards to delegate monitoring responsibility. Ensures smoother implementation while maintaining security oversight.
RBI Modifies ATM Cassette Swap Monitoring Protocol
The Reserve Bank of India (RBI) has partially modified its March 31, 2022, circular on ‘Cassette - Swaps in ATMs’, effective October 1, 2026. The update permits banks to delegate the monitoring of cassette swap implementation to a Committee of the Board, instead of mandating direct board-level oversight of progress.
Previously, para 3 of RBI/2021-22/190 required banks to monitor implementation at the Board level. The modification now allows delegation to a Board Committee, provided such oversight ensures timely and secure rollout of the cassette-swap mechanism aimed at enhancing ATM security and operational integrity.
This adjustment is intended to provide operational flexibility to banks while maintaining adequate governance. The cassette-swap system reduces physical handling of cash by enabling pre-packed, sealed cassettes to be exchanged without on-site counting, thus lowering fraud risks and improving efficiency.
Citations
- RBI/2021-22/190
