RBI directs banks to safeguard ATMs

74

The Reserve Bank of India (RBI) has asked all the banks in the country to take steps for the safety of their respective Automated Teller Machines (ATMs).

Reserve Bank of India

In view of the cases of burglary, dacoity, robbery, and theft in the cash vending machines of banks, the central bank has issued the order.

“RBI has informed that the number of instances of burglary, dacoity, robbery, and theft in ATMs, as reported by banks and financial institutions to RBI were 303 in 2017-18 and 515 in 2018-19. The amount involved was Rs 11.22 crore and Rs 25.47 crore respectively,” said a PIB release.

The apex bank issued a circular in June in which it  had directed all the banks to grout the walls, ceilings and floors of their ATMs with plaster/mortar by September-end this year.

Moreover, the RBI has also asked banks to roll-out a the comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response.

If the banks fail to comply with the instructions and miss the deadline then they would attract regulatory action including levy of penalty, warned the RBI.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for 4th BFSI CTO Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.