The country’s Regulator Reserve Bank of India, has advised banks to ensure that their ATMs are grouted to a wall, pillar or floor by September end this year. However, the ATMs which are placed in highly secured placed like, Airports which have additional adequate securities like CCTV coverage and guards of Central/State Government Securities who protect the Cash Vending machines, the report adds.
- It may be recalled, that in the year 2016 RBI had formed a Committee on Currency Movement (CCM) in order to review the entire gamut of security of treasure in transit.
- On the recommendations of this panel, RBI now has issued instructions which could reduce the risks in operation of ATMs with increased security.
- Also the Regulator has advised that ATMs shall be operated for cash replenishment only with digital one-time combination (OTC) Locks.
- Also the banks should ensure to roll out a comprehensive e-surveillance mechanism at the ATMs, in order to affirm timely alerts and quick response.
- New measures brought in by banks are in addition to the existing instructions, practices and guidance which were issued by RBI and Law Enforcement agencies.
- Also, the Central Bank cautioned the banks that non-adherence of timelines or non-observance of these instructions would compel a severe action which includes levy of penalty.