ATM cash replenishment stops after 9 pm
Posted on: 20/Aug/2018 1:04:59 PM
As per the new directive issued by Home Ministry the Automated Teller Machines (ATM) will not be refilled with money after 9 pm in cities and 6 pm in rural areas from next year. Also the naxal hit areas will have a close of ATM cash replenishment at 4 pm.
Cash handling agencies will operate the transfer of money from the banks to ATMs in the first of the half the day. The mode of transport is done with armored vehicles with security personnel.
The new Standard Operating Procedures (SoPs) will start to function from February 8, 2018 as ordered by the Home Ministry. Attacks on ATM cash vans, cash vaults and ATM fraudulence are the primary factors for the new timing rules for cash replacement operations.
On behalf of the banks the non-bank agencies handle over Rs 15, 000 crore in daily basis with over 8, 000 cash vans for the cash replenishing works. One driver with two armed security guards and two ATM officers will do the cash transportation under the agency. One armed security guard governs the driver while the other guards the rear portion of the van. All the cash van operations are surveilled by GPS enabled systems and all the staff members of the cash van will only be appointed after several verifications through Aadhaar card number, residency, previous work details and fidelity insurance.
