No ATM to be replenished with cash after 9 pm from next year

ATM, The full form of ATM is Automated Teller Machine. ATM is an electro-mechanical machine that is used for making financial transactions from a bank account. These machines are used to withdraw money from personal bank accounts.

Government of India made a new Rules as “No ATM will be replenished with cash after 9 PM in cities and 6 PM in rural areas from next year”.

  • In a notification, Home Ministry Mentioned as the deadline for putting money in the ATMs located in Naxal-hit areas is 4 PM.
  • Home Ministry said That private cash handling agencies must collect money from the banks in the first half of the day and transport notes only in armored vehicles.
  • Two armed guards will accompany crisp notes in transit as per a new directive issued by the Home Ministry.
  • The New Standard Operating Procedures (SoPs) will come into effect from February 8, 2019 in view of the spurt in incidents of attacks on cash vans, cash vaults, ATM frauds and other internal frauds leading to increased sense of insecurity.
  • There are over 8,000 privately owned cash vans plying across the country, operated by non-bank private agencies, and they handle over 15,000 crore rupees daily on behalf of banks.
  • Some times, the private agencies keep currency overnight at their cash vaults.
  • Government of India made new rules to increase Security of the cash due to above mentioned reasons.

Content Source: Pibnews