Just about two months back, debit card users across the country were gravely inconvenienced with the cash crunch. A huge number of ATMs across the country were short of cash, throwing life of the common man out of gear. While banks pointed out the reason for the cash crunch due to the string of bank holidays at the end of March, 2018, the primary reason was that a good number of ATMs across the country weren’t even calibrated to disburse the new currency notes printed by the Reserve Bank of India. While calibration of the ATMs to disburse the new notes is one part of the story, the Reserve Bank has set a definitive deadline for ATMs to be upgraded for security reasons, upgrading their softwares and so on.
Banks across the country have been given a deadline till the end of August, 2018, to enhance the security of their ATMs by disabling the auto-run facility, removal of possible USB ports, upgrade of the ATMs operating software, and the implementation of anti-skimming facilities by March next year.
As per the directive of the Reserve Bank of India, by September, 2018, 25% of the ATMs in the country have to be upgraded, and by December, 2018, 50% of the ATMs have to be upgraded. 75% of the ATMs have to be upgraded by the end of FY 2018-2019 and the rest by the end of the first quarter of FY 2019-2020.
Source: Financial Express