BANKS HAVE UNTIL MARCH 2022 TO PUT IN PLACE A LOCKABLE CASSETTE SWITCH SYSTEM FOR ATMs
The Reserve Bank has extended the deadline for banks to only utilize lockable cassettes for replenishing currency in ATMs until March 2022. Most ATMs (Automated Teller Machines) are currently replenished via open cash top-ups or by placing cash into the machines on the spot.
The Reserve Bank of India (RBI) has instructed banks to confirm that lockable cassettes are swapped at the time of cash replenishment in ATMs to replace the current approach. Following bank representations alleging challenges in implementing the lockable cassettes system, the RBI has decided to extend the date for implementation to March of next year. The apex bank had requested banks in April 2018 to consider placing lockable cassettes in their ATMs, which would be swapped out when money was replenished. It was supposed to be implemented in stages, with each year covering at least one-third of the banks’ ATMs, with the goal of having all ATMs swap cassettes by March 31, 2021.
SIXTH AMENDMENT IN PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
The Pension Fund Regulatory and Development Authority amends the Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2015 by issuing the following regulations. 2015 Regulations of the Pension Fund Regulatory and Development Authority (Pension Fund): —
The words “forty-nine percent.” shall be replaced with “seventy-four percent.” in line 3 of regulation 8, clause (g) of sub-regulation (1).
The Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021 may be referred to as the Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations.