The Reserve Bank of India (RBI) has directed all banks and White Label ATM operators to ensure timely replenishment of ATMs to avoid cash-outs or else face penalties. “It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) shall strengthen their systems/ mechanisms to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs,” the chief general manager-in-charge wrote. For similar cash-out situations at White Label ATMs (WLA), banks meeting the cash requirement of the particular WLA would be fined. The central bank has mandated all the banks to submit system-generated statements on the downtime of ATMs due to non-replenishment of cash to the Issue Department of RBI under whose jurisdiction these ATMs are located. In the case of WLAOs, the banks which are meeting their cash requirement shall furnish a separate statement on behalf of WLAOs on cash-out of such ATMs due to non-replenishment of cash, as per the scheme formulated to ensure that sufficient cash is available to the public through ATMs.

Source: Hindustan Times August 10, 2021 15:22 UTC