Current Affairs

RBI asks banks to grout their ATMs to a structure by September end

The Reserve Bank of India has asked the banks to ensure their ATMs are grouted to a wall, pillar, or floor by the end of September month, except those installed in high secured premises such as airports.
RBI asks banks to grout their ATMs to a structure by September end

Details:

  • The announcement comes with an aim to enhance security of the cash vending machines.
  • The ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks.
  • All banks can also roll out a comprehensive e-surveillance mechanism at the ATMs.
  • This will ensure timely alerts and quick response.

About the Committee on Currency Movement (CCM):

  • The RBI had set up a Committee on Currency Movement (CCM) in 2016.
  • The committee was asked to review the entire gamut of security of treasure in transit and submit reports regarding that.
  • As per the recommendations suggested by the panel, the Reserve Bank of India has now issued the instructions aimed at mitigating risks in ATM operations and enhancing security.

Question:

Q. Who has asked the banks to ensure their ATMs are grouted to a wall, pillar, or floor by the end of September month, except those installed in high secured premises such as airports?
a. Banking Commission of India (BCI)
b. The Reserve Bank of India (RBI)
c. Ministry of Finance (MoF)
d. Planning Commission of India (PCI)
RBI asks banks to grout their ATMs to a structure by September end RBI asks banks to grout their ATMs to a structure by September end Reviewed by Neha Verma on June 16, 2019 Rating: 5

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