
The Reserve Bank of India has rolled out a ‘scheme of penalty for non-replenishment of ATMs’ in India which stipulates a penalty for non-availability of cash in ATMs across the country.
This will come into effect from 1 October 2021 and is applicable to bank ATMs and white label ATMs operators.
RBI’s scheme mandates ATM operators to have a mechanism to track the availability of cash in ATMs and secure replenishment of cash in time to steer clear of cash-out situations.
As per the scheme, a penalty of Rs 10,000 will be imposed per ATM for the non-availability of cash for more than hours a month.
System-generated statements have to be submitted by Banks to the RBI’s Issue Department for the downtime of ATMs caused by the non-availability of cash.
Banks should submit monthly statements to the RBI within the first five days of the month.