RBI directed all the banks to grout ATMs to a structure to enhance security
17, Jun 2019
Prelims level : Mains level :
- 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.
- 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.
- 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 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.